At a news conference on Parliament Hill, Finance Minister Bill Morneau announces that Tiff Macklem will be the new Bank of Canada governor, effective June 3, 2020. Outgoing governor Stephen Poloz and Macklem also speak with reporters. Poloz’s seven-year term as head of the central bank ends on June 2. Macklem served as senior deputy governor of the bank from July 2010 until May 2014. He is currently the dean of the Rotman School of Management at the University of Toronto.