I'm joined this morning by a man who, in First Nation-country, doesn't need any introduction. He has been at it for 20 years and has tremendous experience in building a First Nation economy. This is Manny Jules, the former chief from Kamloops.

We are here to announce a new fiscal initiative developed by First Nations people and my government. First Nations, we all have said many times, need better tools to raise money, to create an economy, and to build their government. They need the powers that every level of government in Canada already has and takes for granted. These powers help build businesses, roads, houses and communities. You can't run a sustainable government without these tools and it is high time First Nations had access to them.

For the past two years, we have worked with Manny and others to create four institutions that will be operated by and for First Nations. The first of these proposed institutions is the First Nations Finance Authority which will provide access to capital markets by allowing First Nations like local governments to use tools such as bonds and debentures to finance projects like roads or water infrastructure. Secondly, a separate institution will be created to establish financial standards, promote training and provide the assessment services for First Nations to have access to the capital pool. Good governments need good financial management.

Third, a First Nations Tax Commission is needed to further strengthen the First Nations' real property tax system and provide greater representation for taxpayers.

This new institution will take responsibility for the existing tax by-law approval process and help balance community and taxpayers' interest. And finally, a First Nations Statistical Institute is needed to fill the gap in reliable, local demographic data. This institute will help First Nations meet their local data needs while at the same time building linkages with Statistics Canada.

The legislation is being released to the public today for discussion. You will notice that we have released a number of pieces of legislation before they have been introduced in the House, which is intended, of course, to allow us to develop a working relationship and a consultation very different from other ministers and other departments. This is the appropriate way to build a relationship between ourselves and First Nations.

As you know, Canada and First Nations people are making some fundamental changes to our relationship. These changes are geared to ensuring First Nations people share in the success of Canada. We recently introduced a First Nations Governance Act to build a bridge to self-government. The Specifics Claims Resolution Act was also introduced in the House of Commons. This legislation will establish an independent claims center to address past wrongdoings and settle uncertainty over land ownership. This will open the door to more investments from the private sector. The benefits from investments will multiply and mean more job opportunities, more choices, and a better future for the next generation of First Nation children.

We have also taken steps to open up the First Nation Land Management Act. These steps were taken specifically at the request of First Nations. Again, this Act re-establishes powers to manage the use of lands. As any chief or business investor will tell you, re-establishing these powers will reduce red tape and make investment much easier.

When you connect the dots, which, of course, I have tried to do in the last four months—this being our fifth press conference as a government—with First Nation citizens, you see that these initiatives will make a difference in people's lives. Power will be put back where it belongs: in the hands of the people who live in the communities, the people who have the most invested in making necessary changes and planning a positive future.

Taken together with this package, the four institutions we are announcing today will have the stature, the stability and credibility required for strong fiscal management by First Nations. For First Nation people, the First Nations Fiscal and Statistical Management Act will mean that decisions about where private money comes from, and how it is spent, will be made in the community by the community. The Act will pave the road to economic development ... in other words, self-determination.

This initiative was developed through the National Table on Fiscal Relations, which was established in 1999 as a consultative forum between First Nations and the Government of Canada. This formal structure of each of these institutions will be further defined following consultations.
Some of the institutions may end up taking the form of independent bodies while others may be established as Crown Corporations. Federal legislation will help First Nations work more effectively with financial institutions, potential investors, and other government departments.

This legislation, the proposed First Nation Fiscal and Statistical Management Act, is being released today for broad consultation over the summer and early fall. As Manny will explain, First Nation leadership will lead the consultation process in First Nation communities. The federal government, with First Nations, will consult the provinces and territories, whose support and co-operation will be key to the success of this very important initiative. Together, we will also consult the financial markets which have already provided valuable input on the structure and operations of the four institutions. Together, we will work to inform the Canadian public about this new initiative.

We are aiming for legislation that is practical, workable, and that meets everyone's needs, including, first and foremost, those of First Nations. I'm pretty optimistic that we will introduce this legislation in the House this fall. In the Speech From the Throne, we committed to making a real difference in Aboriginal people's lives, to open the doors to real opportunity. This announcement, I believe, is another step in that journey.

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