SoVote

Decentralized Democracy

First Nations Finance Authority

44th Parl. 1st Sess.
May 1, 2023
Context: Subject Matter of Bill C-45, An Act to amend the First Nations Fiscal Management Act (INAN) - May/1/23
Mr. Ernie Daniels (President and Chief Executive Officer, First Nations Finance Authority)
  • 03:49:24 p.m.
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Thank you, Chair. My name is Ernie Daniels and I am the president and CEO of the First Nations Finance Authority. I am a member of the Salt River First Nation in the Northwest Territories. I'd like to thank Leane Walsh and her team at CIRNAC, the First Nations Tax Commission and the First Nations Fiscal Management Board for working collaboratively on these amendments to the First Nations Fiscal Management Act, or FMA, over the last several years. The First Nations Finance Authority, or FNFA, is a non-profit organization whose mandate is to provide financing, investment and advisory services to those first nation governments across Canada that voluntarily schedule to the FMA. The FNFA board is elected annually from the member first nations. The FMA received royal assent in 2005 with all-party support, and the FNFA has been providing services to first nations governments across Canada ever since. To date, 342 first nations have been scheduled to the FMA, and FNFA has loaned over $1.8 billion in financing to its membership of 151 first nations through nine provinces and the Northwest Territories. This has resulted in the creation of over 20,000 jobs and an economic output of $4 billion, which demonstrates that we are stronger together. However, certain economic and social needs of our member communities can only be met through amendments to our act. The FNFA strongly supports Bill C-45 in principle. It brings significant positive change that will lead to enhanced opportunities for first nations and indigenous governments across Canada. For example, the financing secured by other revenues regulations will be incorporated directly into the FMA. Bringing the provisions about other revenues directly into the FMA will result in a comprehensive FMA that is much easier to follow. Another example is that the definition of “borrowing member” is expanded in anticipation of eligibility being expanded to indigenous governments and non-profit organizations through other regulations that will still be required. These important entities provide essential economic and social services to first nations. The proposed amendments will have significant positive impacts for first nations. Thank you and mahsi cho for your time and consideration.
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