Michelle Rempel Garner moved, —

That, given recent reports that Department of Industry (ISED’s) taxpayer funded loan program for “future entrepreneurs” has resulted in $45.9 million in write-offs for taxpayers, and there may be conflict of interest concerns regarding a grant recipient and their relationship to a current senior member of the federal cabinet, the Standing Committee on Industry and Technology undertake a study of the future entrepreneur program comprising of two meetings, invite the following witnesses and others as deemed appropriate by the committee, and report its findings to the House:

• Karen Greve Young – Futurepreneur, Chief Executive Officer;
• Francois-Philippe Champagne – Minister of Innovation Science and Industry;
• Melanie Joly – Minister of Foreign Affairs.

After debate, the question was put on the motion and it was negatived on the following recorded division:

YEAS: Bernard Généreux, Jeremy Patzer, Rick Perkins, Michelle Rempel Garner — 4;

NAYS: Chandra Arya, Vance Badawey, Iqwinder Gaheer, Jean-Denis Garon, Brian Masse, Ryan Turnbull, Tony Van Bynen — 7.

Brian Masse moved, —

That the committee undertake a study on the issue of credit card practices and regulations, following recent concerns about high interest rates, excessive fees, and consumer protection. This study should include, but not be limited to, the following areas:

1. interest Rates and examining of the impact of high credit card interest rates on Canadian consumers and potential measures to cap or regulate these rates;
2. fees and Charges and an analysis of various fees associated with credit cards, including late payment fees, annual fees, and foreign transaction fees, and how these fees affect consumer finances;
3. consumer Protections and a review of these measures related to credit cards, with a focus on improving transparency in credit card terms, interest rates, and fees;
4. predatory Lending Practices that investigate into predatory lending practices within the credit card industry and recommendations for stricter regulations to prevent exploitation of consumers;
5. financial Literacy with consideration of the role of financial literacy in helping consumers manage credit card debt and potential initiatives to enhance financial education;
6. regulatory Oversight including an assessment of the effectiveness of existing regulatory frameworks overseeing credit card companies and potential improvements to ensure fair and transparent practices.

   The study should be comprised of no fewer than four meetings and include consultations with relevant stakeholders, including financial experts, consumer advocacy groups, and representatives from the credit card industry.

Debate arose thereon.

On motion of Jean-Denis Garon, it was agreed, — That the motion be amended by adding after the words “(f) regulatory Oversight including an assessment of the effectiveness of existing regulatory frameworks overseeing credit card companies and potential improvements to ensure fair and transparent practices. ” the following: “(g) the practices related to interchange fees, and their consequences on the viability of merchants and on the prices charged to consumers”.

After debate, the question was put on the motion, as amended, and it was agreed to.

The motion, as amended, read as follows:

That the committee undertake a study on the issue of credit card practices and regulations, following recent concerns about high interest rates, excessive fees, and consumer protection. This study should include, but not be limited to, the following areas:

1. interest Rates and examining of the impact of high credit card interest rates on Canadian consumers and potential measures to cap or regulate these rates;
2. fees and Charges and an analysis of various fees associated with credit cards, including late payment fees, annual fees, and foreign transaction fees, and how these fees affect consumer finances;
3. consumer Protections and a review of these measures related to credit cards, with a focus on improving transparency in credit card terms, interest rates, and fees;
4. predatory Lending Practices that investigate into predatory lending practices within the credit card industry and recommendations for stricter regulations to prevent exploitation of consumers;
5. financial Literacy with consideration of the role of financial literacy in helping consumers manage credit card debt and potential initiatives to enhance financial education;
6. regulatory Oversight including an assessment of the effectiveness of existing regulatory frameworks overseeing credit card companies and potential improvements to ensure fair and transparent practices;
7. the practices related to interchange fees, and their consequences on the viability of merchants and on the prices charged to consumers.

   The study should be comprised of no fewer than four meetings and include consultations with relevant stakeholders, including financial experts, consumer advocacy groups, and representatives from the credit card industry.

Rick Perkins moved, — That the committee invite the Minister of Innovation, Science and Industry, to appear before the committee for no less than two hours, within 14 days of the adoption of this motion, in relation to their mandate.

Debate arose thereon.

Ryan Turnbull moved, — That the committee do now adjourn.

The question was put on the motion and it was negatived on the following recorded division:

YEAS: Chandra Arya, Vance Badawey, Iqwinder Gaheer, Ryan Turnbull, Tony Van Bynen — 5;

NAYS: Jean-Denis Garon, Bernard Généreux, Brian Masse, Jeremy Patzer, Rick Perkins, Michelle Rempel Garner — 6.

After debate, the question was put on the motion and it was agreed to.

Rick Perkins moved, — That, given that a former federal public servant at Innovation, Science and Economic Development Canada (ISED) pled guilty to criminal breach of trust for directing 72 sole-source contracts worth $231,663 to a company he owned, the committee hold two meetings on this topic, and invite the Minister of the Royal Canadian Mounted Police (RCMP), and ISED officials to better understand this fraudulent billing scheme that took place under this Liberal government.

Debate arose thereon.