FINA Committee Meeting

Meeting No. 179

Wednesday, April 28, 1999

The Standing Committee on Finance met at 7:09 p.m. this day, in Room 371, West Block, the Chair, Maurizio Bevilacqua, presiding.

Members of the Committee present: Carolyn Bennett, Maurizio Bevilacqua, Scott Brison, Odina Desrochers, Nick Discepola, Richard Harris, Sophia Leung, Gary Pillitteri, Paul Szabo and Tony Valeri.

Acting Members present: Derrek Lee for Roger Gallaway; Sue Barnes for Karen Redman.

In attendance: From the Library of Parliament: Marion Wrobel, Senior Analyst and Julie Cusson, Analyst. From Finance & Legislative : Richard Dupuis, Legislative Clerk and Pat Steenberg, Committee Clerk.

Witnesses: From the Professional Institute of the Public Services of Canada: Steve Hindle, President; Robert McIntosh, Policy Advisor.

In accordance with the Order of Reference of the House of Commons of Tuesday, April 20, 1999, the Committee resumed its study of Bill C-71, An Act to implement certain provisions of the budget tabled in Parliament on February 16, 1999.

Steve Hindle made an opening statement and, with Robert McIntosh, answered questions.

At 7:55 p.m., the Committee proceeded to consider future business in camera.

It was agreed, That the Committee approve the revised operational budget for the period April 1, 1999 through June 30, 1999, as presented, and that the Chair seek budgetary approval from the Budget Sub-Committee.

It was agreed, - That the Committee approve the operational budget for the Sub-Committee on Tax Equity for Canadian Families with Dependent Children as presented, and that the Chair seek budgetary approval from the Budget Sub-Committee.

It was agreed, - That the Chair seek approval from the Budget Sub-Committee for the funds to allow the Sub-Committee on Tax Equity for Families with Dependent Children to travel across Canada during the week of May 10, 1999 to hear witnesses.

At 7:57 p.m., the Committee resumed sitting in public.

The Committee proceeded to Clause-by-Clause consideration.

Clauses 2 to 21 carried severally, on division.

Mr. Lee moved, - That Clause 22 be amended by replacing lines 24 to 36 on page 12 with the following:

"money by Her Majesty, the Governor in Council may, subject to the Act authorizing the raising of the money, authorize the Minister to borrow the money by any means that the Minister considers appropriate.

(2) The aggregate principle amount of money borrowed by the Minister under this section in any fiscal year may not exceed the amount that is specified by order of the Governor in Council for that fiscal year.

(3) Subject to any terms and conditions that the Governor in Council may specify, the Minister may enter into any contract or agreement, issue securities and do any other thing relating to the borrowing of money that the Minister considers appropriate.

4) Subsection (3) applies with respect to anything done in relation to borrowings under this section, as it read immediately before the coming into force of this subsection, as though the borrowing were done under subsection (1)."

The question being put on the amendment, it was agreed to, on division.

Mr. Lee moved, - That Clause 22 be amended by after line 18 on page 13 the following

"45.1 The Governor in Council may authorize the Minister, subject to any terms and conditions that the Governor in Council may specify, to enter into any contract or agreement of a financial nature, including options, derivatives, swaps and forwards, on such terms and conditions as the Minister considers necessary."

The question being put on the amendment, it was agreed to on division.

Mr. Lee moved, - That Clause 22 be amended by replacing lines 30 to 34 on page 13 with the following

"other securities; and

(b) create a charge on, or right or interest in,"

The question being put on the amendment, it was agreed to on division.

Mr. Lee moved, - That Clause 22, be amended by replacing line 37 on page 13 with the following:

"46.1 In any fiscal year, the Governor in Council may authorize the Minister to"

After debate, the question being put on the amendment, it was agreed to on division.

Clause 22, as amended, carried on division.

Mr. Lee moved, - That Clause 23 be amended by (a) replacing lines 4 and 5 on page 14 with the following:

"23. Section 49 of the Act is replaced by the following:"

(b) deleting lines 20 to 43 on page 14.

After debate, the question being put on the amendment, it was agreed to on division.

Clause 23, as amended carried, on division.

On New Clauses 23.1 and 23.2.

Mr. Lee moved, - That Bill C-71 be amended by adding after line 43 on page 14 the following:

"23.1 Section 51 of the Act is renumbered as subsection 51(1) and is amended by adding the following:

(2) The Governor in Council may authorize the Minister to do anything referred to in paragraphs (1)(a) to (c) for any period that the Governor in Council considers appropriate."

23.2 Section 55 of the Act is amended by striking out the word "and" at the end of paragraph (b), by adding the word "and" at the end of paragraph (c) and by adding the following after paragraph (c):

(d) all money required to be paid under contracts and agreements entered into under this Part, either before or after the coming into force of this paragraph."

After debate, the question being put on the amendment it was agreed to, on division.

The question being put on new clauses 23.1 and 23.2 , it was agreed to, on division.

Clause 24 carried, on division.

On new Clause 24.1.

Mr. Lee moved, - That Bill C-71 be amended by adding after line 5 on page 15 the following:

"24.1 Sections 20 to 24 come into force on a day to be fixed by order of the Governor in Council."

After debate, the question being put on the amendment, it was agreed to, on division.

The question being put on new Clause 24.1, it was agreed to, on division.

Clauses 25 to 28 were severally negatived, on division.

Clauses 29 to 54 carried severally, on division.

Clause 1 carried, on division.

The Title carried, on division.

The Bill, as amended, carried, on division.

ORDERED - That Bill C-71 be reprinted as a working copy for the use of the House of Commons at Report Stage.

ORDERED - That the Chair report Bill C-71 with amendments to the House as the Sixteenth Report of the Committee.

At 8:10 p.m., the Committee adjourned to the call of the Chair.

Miriam Burke

Committee Clerk