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House Hansard - 251

44th Parl. 1st Sess.
November 20, 2023 11:00AM
Context: House Hansard - 251 - Nov/20/23
Mr. Chandra Arya (Nepean, Lib.)
  • Nov/20/23 12:16:19 p.m.
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  • Re: Bill C-56 
Madam Speaker, we believe in free market and free trade, but the concept of free market and competition goes hand in hand. Monopolies and oligopolies create a burden for consumers through their dominance. What is the hon. member's view on how the Competition Bureau would be strengthened so that it could go after the monopolies and take out the big corporate players that try to squeeze out the small players? How would competition actually help Canadians?
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Context: House Hansard - 251 - Nov/20/23
Mr. Ryan Williams
  • Nov/20/23 12:42:29 p.m.
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  • Re: Bill C-56 
Madam Speaker, even Adam Smith believed in regulations. I want to talk about one thing to respond to that, and that will be the banking sector. We have a bill coming forward to open up banking as a whole for competition, and I hope the member across can support it. It is open banking, which would allow a provision that allows any major small competitor to enter the market, which is right now dominated by six oligopolies in the banking sector, controlling 93% of the banking aspects and 87% of mortgages. Open banking just changes the rules to allow that capital to be spread around. The capital is, of course, people's data and ensuring that other people can get their financial data and then bank them. I am hoping the member can support that. We have a bill going forward to push through open banking and that would open up this monopolistic system in the banking sector.
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