Ottawa, ON — Today, the Hon. Andrew Scheer, Member of Parliament for Regina—Qu’Appelle, introduced his Private Member’s Bill, the Bank of Canada Accountability Act.
Currently, the Bank of Canada is exempted from the oversight of the Auditor General. This bill will remove that exemption. By doing so, this bill will allow the Auditor General to perform the same accountability and transparency function over the central bank, as it does for other federal departments, agencies, and crown corporations.
Since the beginning of the COVID pandemic, the Bank of Canada has taken extraordinary measures. It has purchased billions of dollars worth of government and corporate bonds and has expanded the money supply by over $400 billion.
“The Bank of Canada’s decisions have a direct impact on the value of the dollar that Canadians earn. With inflation running at historic highs, this kind of oversight and accountability is needed more than ever,” Scheer said.
Scheer also pointed out that jurisdictions around the world already have similar measures for parliamentary oversight of their central banks.
“Canada is actually lagging behind in this area. We should follow the precedent of our commonwealth partners like the UK, Australia, and New Zealand. This bill will ensure that the Bank of Canada is accountable to Parliament through the Auditor General’s reporting,” said Scheer.
“I hope that all Members will support granting this authority to the independent, non-partisan Auditor General. Canadians have a right to know more details about the operations and decisions of the Bank of Canada.”
The full text of of the Bank of Canada Accountability Act is available at https://www.parl.ca/LegisInfo/en/bill/44-1/c-253
A transcript of Mr. Scheer’s speech in the House of Commons introducing the Bank of Canada Accountability Act is available at https://www.ourcommons.ca/DocumentViewer/en/44-1/house/sitting-75/hansard#Int-11703669
For more information:
Office of Hon. Andrew Scheer, M.P