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S'enregistrer au Flux RSS Le Sénat du Canada

Post under ‘Banks’ tag

Loss at JPMorgan: the conservatives are still opposed to reforming the financial system

16 May 2021 at 20h54

Hon. Céline Hervieux-Payette: Honourable senators, my question is for the Leader of the Government in the Senate. You have certainly heard the recent news of JPMorgan posting over $2 billion in losses in two weeks after speculating on credit derivatives.

After that debacle, U.S. President Barack Obama said that this incident only underscores why it was so important to reform the rules that apply to Wall Street and all financial sectors, and why those rules need to be fully enforced, not just on an ad hoc basis.

A few weeks ago, I asked a question about the fact that Canadian banks had received secret loans totalling billions of dollars in order to prevent some of them from going bankrupt at the beginning of the crisis in 2008.

When will the Prime Minister work with President Obama — for once, I believe that we, on this side, agree that they should work together — in order to regulate the financial system and prohibit Canadian banks from making any speculative investments, considering that the banks are funded for the most part by Canadians’ pension funds? (more…)

S-5: the bill that was created under the radar

8 December 2021 at 18h17

Ottawa, December 8th, 2011 - Yesterday, the Vice-President of the Senate Banking, Trade and Commerce Committee, Senator Céline Hervieux-Payette, questioned the Minister of Finance, the Honourable Jim Flaherty on the flaws contained in Bill S-5: the Financial System Review Act.

 ”What I deplore is that the so-called public consultations were done online at the last minute and that the reports submitted to the Minister will not be released to the public,” stated Senator Hervieux-Payette.  (more…)

Harper’s ideology reform: neither desired nor desirable!

18 May 2021 at 13h11

Question period

Finance: National Securities regulation 

Hon. Céline Hervieux-Payette: Honourable senators, my question is for the Leader of the Government in the Senate. As she surely knows, the Fédération des chambres de commerce du Québec and some large Quebec companies, including Cascades, Quebecor, Jean Coutu, Industriel Alliance and many more, oppose centralizing the securities commissions. There is no evidence to suggest that centralization would be either relevant or effective when it comes to preventing the moral and financial crisis we are experiencing.

I want to emphasize that the OECD has ranked Canada second in the world with respect to securities regulation.

And, as I am sure honourable senators know, neither the single American securities commission nor the single British securities commission managed to protect investors; both failed to see the crisis coming.

Despite these facts, the Prime Minister is stubbornly going ahead with his plan to create a single commission even though it is neither sensible nor in the interests of the provinces, including Quebec, which want nothing to do with it. In light of growing opposition on the part of Quebec business leaders, can the minister tell us when her government, specifically her Prime Minister, will reconsider this proposal, which is neither desired nor desirable, thereby saving the $250 million already set aside for that purpose in the budget?

[English]

Hon. Marjory LeBreton (Leader of the Government): Honourable senators, Canada is the only industrialized country without a national securities regulator. Canada will be participating in G8 and G20 meetings. There has been and will continue to be a call for more financial regulations and international coordination. With these international pressures on us, we continue to be questioned about our fragmented system at home when we are dealing with our international partners.

As the honourable senator is aware, and as has been stated many times, this is a voluntary initiative. A clear majority of the provinces and territories are committed to or are open to working towards a single securities regulator. This is a voluntary initiative, and I am aware of some of the objections to it in the Province of Quebec. However, some industries and some people in Quebec are able to see the virtue of a single securities regulator.

This is a voluntary effort. If the Province of Quebec decides that it does not want to participate, that should not impede the desires of other provinces that wish to have a single securities regulator.

Senator Hervieux-Payette: Honourable senators, the leader is arguing that we are the only country without a national organization. I must remind her that the Prime Minister is travelling around the world now telling people we have a different law, that is why we are different and they are all having problems. Either we go along with the rest and go down the drain, or we have our own rules. Our system has prevailed.

When will the leader’s government table a study that will demonstrate, beyond any reasonable doubt, that we need that regulator and it is not for political purposes?

Senator LeBreton: Honourable senators, while travelling around the world representing us so very well, the Prime Minister and the Minister of Finance have discussed the notion of the global bank tax. Both have said that they do not believe Canada should be punished with this tax. The Prime Minister pointed out that Canada has handled it finances very well and did not have any bank failures, nor did the Canadian government become involved in any bailouts. The Prime Minister stated that Canada should not be punished for all of its good work. Honourable senators, with regard to when our government will table its intentions, the honourable senator knows that the government is seeking an opinion from the Supreme Court of Canada to provide legal certainty on Parliament’s authority to establish such a common securities regulator. Once that process is complete, we will table the plan.

Nicolas G. Hayek, founder of Swatch, condemns the dominance of the “acrobats and jugglers in the financial circus”.

15 July 2021 at 14h06

“Final example:  the guy who proposed that I buy into a company that was very expensive and active mainly in textiles, while I’m a watchmaker.  “That doesn’t matter,” he told me, “we’ll start some rumours in the market that will make the share value fall, and as for the textiles, we’ll look after that part.”  All this illustrates the really deplorable mindset of some market professionals.  And the worst thing is, thinking that a publically-traded company should be managed with this mindset”. - Nicolas G. Hayek.

Read the article published in L'Express - English translation

Recommendations to improve Canada’s debit and credit card payment systems

3 July 2021 at 09h25

Credit cards

 

OTTAWA - The report tabled by the Senate Committee on Banking, Trade and Commerce offers concrete recommendations to improve Canada’s debit and credit card payment systems on behalf of both businesses and consumers, including a call for the creation of an oversight board to improve transparency and fairness in the system, said Liberal Senators Pierrette Ringuette and Céline Hervieux-Payette.

 

Read the press release     aa-post-it2

 

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