Banking, Trade and Commerce – June 7, 2012

In Committee from the Senate of Canada

Banking, Trade and Commerce – June 7, 2012

Willie Gagnon from Le Mouvement d’éducation et de défense des actionnaires (MÉDAC) discussed his concerns with a change to the Bank Act that is proposed in Bill C-38.

The budget bill would introduce a preamble to the Act to clarify that banking activities in Canada are governed exclusively by the federal government. The Quebec government has raised concerns with the change, which it says infringes on the province’s jurisdiction in the area of consumer protection.

UPDATE: Bill C-38 received royal assent on June 29.