MINUTES OF PROCEEDINGS

MONDAY, DECEMBER 7, 1998
(Meeting No. 165)

The Standing Committee on Finance met in camera at 11:20 a.m. this day, in Room 371, West Block, the Chair, Maurizio Bevilacqua, presiding.

Members of the Committee present: Carolyn Bennett, Maurizio Bevilacqua, Scott Brison, Ken Epp, Roger Gallaway, Dick Harris, Yvan Loubier, Gary Pillitteri, Karen Redman and Paul Szabo.

Acting Members present: Serge Cardin for Odina Desrochers; Hec Clouthier for Nick Discepola; George Baker for Sophia Leung; the Hon. Lorne Nystrom for Nelson Riis; Carmen Provenzano for Tony Valeri.

In attendance: From the Library of Parliament: Richard Domingue, Research Officer and Marion Wrobel, Senior Analyst.

In accordance with its mandate under Standing Order 108(2), the Committee began the consideration of its draft report on the Future of the Canadian Financial Services Sector.

It was agreed, - That a note be printed on the first page of the 12th Report of the Standing Committee on Finance, reflecting an agreement made in the House of Commons on October 2, 1998, that a preliminary report be tabled in December 1998 and that a final report be tabled in March 1999.

It was moved, - That the cover page reflect the preliminary aspect of the Mackay Report and that the content be consistent with the motion adopted by unanimous consent on October 2, 1998.

The question being put on the motion. It was negatived.

It was agreed, - That the cover page of the report be identical to the cover page of the Pre-Budget Consultations Report but without the words Report of the Standing Committee on Finance.

It was agreed, - That the draft Report, be adopted as the Committee's Twelfth Report to the House and that the Chairman be instructed to present it to the House.

It was agreed, - That the title of the Twelfth report be as follows: The Future Starts Now. A study of the Financial Services Sector in Canada.

It was agreed, - That the Committee print 3,000 copies of its Twelfth Report in English and 750 copies in French with a distinctive cover.

It was agreed, - That the Committee authorize the printing of the dissenting opinions of the opposition parties, and that they be submitted to the Clerk's office no later than December 9th at 5:00 p.m.

It was agreed, - That the Chairman, researchers and clerks be authorized to make such typographical and editorial changes as may be necessary without changing the substance of the report.

It was agreed, - That members of the Standing Committee on Finance solemnly promise on their honour not to disclose or comment on the content of the Committee Report on the Future of the Canadian Financial Services Sector or on any dissenting opinions included in the Report before the Report is tabled in the House.

At 1:25 p.m., the Committee adjourned to the call of the Chair.

TUESDAY, DECEMBER 8, 1998
(Meeting No. 166)

The Standing Committee on Finance met at 3:35 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, Ken Epp, Roger Gallaway, Dick Harris, Gary Pillitteri, Karen Redman, Paul Szabo and Tony Valeri.

Acting Member present: Paddy Torsney for Sophia Leung.

Associate Member present: The Hon. Lorne Nystrom.

In attendance: From the Library of Parliament: Marion Wrobel, Senior Analyst. From Committees and Legislative Services Directorate: Richard Dupuis, Legislative Clerk.

Appearing: From the Department of Finance: The Hon. Jim Peterson, Secretary of State (International Financial Institutions).

Witnesses: From the Department of Finance: Charles Seeto, Director, Financial Sector Division; Claude Gingras, Special Advisor, Financial Sector Division. From the Office of the Superintendent of Financial Institutions Canada: Michael Hale, Director, Acutarial.

The Order of Reference being read as follows:

ORDERED, - That pursuant to Standing Order 73(1), Bill C-59 - An Act to Amend the Insurance Companies Act, be referred to the Standing Committee on Finance forthwith and without debate.

On Clause 1

The Honourable Jim Peterson made a statement and with Claude Gingras, Charles Seeto and Michael Hale, answered questions.

At 4:40 p.m.

By unanimous consent, it was agreed - That notwithstanding the Committee's decision of December 7, 1998, the name of the Standing committee on Finance be printed on the cover page of the Twelfth Report.

Odina Desrochers moved, - That the Standing Committee condemn the following members: Scott Brison (Kings-Hants) and Gary Pillitteri (Niagara Falls) for contempt of the Finance Committee.

After debate, the motion was withdrawn.

At 4:55 p.m., the Committee adjourned to the call of the Chair.