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House Bill

Bill C-253

44th Parl. 1st Sess.
October 19, 2022
Bank of Canada Accountability Act
  • Bill C-253 is an amendment to the Bank of Canada Act that aims to increase accountability by adding the Auditor General of Canada as one of the auditors for the Bank of Canada. This bill also includes consequential amendments to the Auditor General Act and the Financial Administration Act. The purpose of the amendments is to ensure proper auditing and oversight of the Bank of Canada's affairs.
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  • RA
  • Yea (114)
  • Nay (208)
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SteelmanSpren in Favour

  • A steelman argument in favor of this bill is that it enhances transparency and accountability in the operations of the Bank of Canada. By amending the Bank of Canada Act to include the Auditor General of Canada as one of the auditors for the Bank, it ensures that an independent and objective entity is involved in auditing its affairs. This additional oversight helps to prevent potential misuse of funds, financial mismanagement, or any other irregularities. By making the Auditor General a designated auditor, it also strengthens the credibility and trust in the Bank of Canada's operations, as it demonstrates a commitment to transparency and public scrutiny. Additionally, the consequential amendments to the Auditor General Act and the Financial Administration Act ensure that the necessary legal framework is in place to facilitate the involvement of the Auditor General in auditing the Bank. Overall, this amendment can be seen as a positive

SteelmanSpren Against

  • One steelman argument against this amendment is that it could compromise the independence and autonomy of the Bank of Canada. The current system allows the Bank to choose its own auditors, ensuring that they have the necessary expertise and independence to review its operations effectively. By mandating the Auditor General as one of the auditors, there is a risk that political interests could influence or interfere with the Bank's operations. This could undermine the Bank's ability to make decisions in the best interest of the economy and could lead to a lack of trust and confidence in its operations. Additionally, the appointment of the Auditor General as an auditor could create conflicts of interest, as they already have various responsibilities and oversight duties across the federal government. This could divert their attention and resources away from their primary role of auditing government entities. Overall, this amendment may in

House Motion No. 196

44th Parl. 1st Sess.
Oct. 19, 2022, 3:35 p.m.
2nd reading of Bill C-253, An Act to amend the Bank of Canada Act and to make consequential amendments to other Acts
  • Bill C-253
  • Latest: First reading in the House of Commons
House First Reading
  • Oct. 19, 2022, 2 p.m.
  • In Progress
  • Read