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Decentralized Democracy

House Hansard - 324

44th Parl. 1st Sess.
June 4, 2024 10:00AM
Context: House Hansard - 324 - Jun/4/24
Mr. Jean-Denis Garon (Mirabel, BQ)
  • Jun/4/24 11:35:36 a.m.
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Madam Speaker, my colleague sits on the Standing Committee on Industry and Technology. I know that he is interested in the price of many goods and services in Quebeckers' and Canadians' market basket. In the last budget, the government proposed an open banking system. That will completely sideline Desjardins, the largest financial institution in Quebec. The federal government wants to impose an open banking system and force Desjardins either to isolate itself or to join the federal system, which would certainly go against the spirit of the Constitution. I would like to hear my colleague's thoughts about this. Does he not think that, before once again imposing a last-minute policy on the provinces, the government should coordinate with Quebec to ensure that Quebeckers, most of whom bank with Desjardins, can receive the same treatment as all other Canadians?
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Context: House Hansard - 324 - Jun/4/24
Mr. Ryan Williams
  • Jun/4/24 11:36:26 a.m.
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Madam Speaker, my hon. colleague and I have a lot of fun in the industry committee together, and I enjoy serving with him. Open banking is supposed to be giving less regulation and more competition to the banking sector. The federal government should only be introducing regulations that bring an API, or application programming interface, that forces the banks, on consumer consent, to give up their information. It should not be telling any company what to do, except for enforcing these regulations, which force the banks, on one's consent, to give one's banking information back. The open banking industry fintechs have been fighting to get through this. They are doing it all illegally right now on the backs of only the provinces. The federal government needs to get out of the way.
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