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In general, the Bloc Québécois approves the Liberal majority report because it essentially embodies the positions that we have been defending since this issue first arose. It is clear that the Liberal majority has conceded most of our points.
The Bloc Québécois has always stressed that what is really at stake is not simply the question of bank mergers, but rather the future of the entire financial services industry in Quebec and Canada as it affects the public interest. It has also insisted that certain essential conditions must be met rapidly before the major banks can be allowed to merge**. These conditions are designed to ensure competition, protect consumers, businesses and employees in the banking sector, and accentuate the banks' social role and their democratization.
The Bloc notes that certain Liberal members of the Finance Committee changed tack, despite having signed a Liberal Caucus report categorically rejecting bank mergers. The debate now seems to be focused on what is really at stake, matters that the Bloc Québécois has been raising since the discussions began. Naturally, we are delighted.
The Bloc Québécois wants to underline that this Finance Committee report is a preliminary one. Consultations based on the McKay-Ducros Report will be continuing in February and a final report will be tabled in March. Thanks to the efforts of the Bloc Québécois, a motion was tabled in the House to this effect on October 2. The Bloc was speaking on behalf of the public, which via the Coalition for Personalized Services was demanding expanded consultations so that a real debate could be held on the issue. We are pleased to have convinced the Liberals to adopt the same point of view.
The Bloc Québécois does however oppose certain of the Committee's preliminary recommendations, and plans to work on making sure that Quebec's areas of jurisdiction in the financial sector are respected. It is not necessary to centralize everything in Ottawa to achieve harmonization and simplification in the financial sector. The Bloc is worried by recommendations that would strip Quebec's Inspector General of Financial Institutions of his authority to monitor and regulate institutions that come under Quebec's jurisdiction by virtue of the Constitution.
The Bloc Québécois is also concerned that the Liberals are recommending that the federal government intervene in consumer protection, an area that clearly falls under provincial jurisdiction. By doing so, they will create new duplication with what already exists in Quebec. Among other things, if the federal legislation provides less protection for consumers than the Quebec legislation, there would be a weakening in the protection now enjoyed by Quebeckers. The Bloc plans to convince the Committee that the best policy would be to give precedence to provincial consumer protection legislation where it exists, making federally chartered financial institutions subject to such legislation where necessary.
The Bloc Québécois is disappointed that the Liberals did not see fit to propose to the Minister of Finance that he amend the legislation preventing provincial chartered insurance companies from acquiring blocks of insurance from federally chartered companies. This provision is highly prejudicial to Quebec enterprises and harmful to their development.
The Bloc Québécois dissociates itself from the Liberal majority recommendations to reduce taxes on profits made by banks and financial institutions. This measure is premature at a time when the Liberal government refuses to reduce income tax for the middle-class or to improve benefits under the employment insurance plan (which covers only two unemployed people out of five). Juxtaposing the Liberal recommendations on the banks' fiscal competitiveness with those favouring multi-millionaire athletes and high income taxpayers makes it obvious that the Liberal government is now just a government by the rich for the rich.
Lastly, the Bloc Québécois considers that the Liberals are not proposing enough measures to oblige the banks to be accountable to Quebeckers and Canadians, assume their social role and become more democratic institutions. We intend to continue our push toward these goals. It should be borne in mind that the Bloc Québécois is the only party to have tabled a Private Member's Bill on community reinvestment by the banks.