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Decentralized Democracy

Member of the panel of chairs for the legislative committees

Hon. Michael Chong

  • Member of Parliament
  • Member of the panel of chairs for the legislative committees
  • Conservative
  • Wellington—Halton Hills
  • Ontario
  • Voting Attendance: 65%
  • Expenses Last Quarter: $120,269.09

  • Government Page
Context: House Hansard - 276 - Feb/6/24
Hon. Michael Chong (Wellington—Halton Hills, CPC)
  • Feb/6/24 2:38:08 p.m.
  • Watch
Mr. Speaker, Bill C-59 will do little to combat the problem of organized crime and money laundering in this country, which by the government's own estimate is $133 billion a year, equal to 5% of GDP. The government has ignored numerous reports and protected lawyers from money laundering and terrorist financing law and failed to crack down on Canada's big banks and their funnelling of money laundering and terrorist financing through our financial system. When is the government going to subject lawyers to federal law and start cracking down on our big banks and the gobs of money laundering going through our financial system?
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Context: House Hansard - 89 - Jun/15/22
Hon. Michael Chong (Wellington—Halton Hills, CPC)
  • Jun/15/22 2:14:55 p.m.
  • Watch
Mr. Speaker, the little guy is losing his shirt. Where are the regulators? House prices doubled in six years, and now they are crashing. Why did regulators not slow the out-of-control growth in mortgage credit? Why did they not stop banks from mortgaging 95% of the value of an asset that had doubled or tripled? Last year, the New York state attorney general banned Bitfinex and Tether from New York's financial markets and fined them. She said they were each a lie and a fraud, but it took regulators here six months to ban Tether, and Bitfinex has never been banned. Now stable coins and crypto are collapsing. Why did regulators not protect ban these frauds and Ponzi schemes? Where are OSFI, CMHC, Finance Canada and the Ontario Securities Commission? Where are Crown prosecutors, attorneys general and law enforcement? Where is the government in protecting the finances of ordinary Canadians?
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Context: House Hansard - 67 - May/9/22
Hon. Michael Chong (Wellington—Halton Hills, CPC)
  • May/9/22 6:07:59 p.m.
  • Watch
  • Re: Bill C-19 
Madam Speaker, in March 2020, the Office of the Superintendent of Financial Institutions reduced the domestic stability barrier to 1%, thus freeing up an additional $300 billion in capital. The government at the time said that it expected the banks to lend it out, and the banks did loan it out. Mortgage credit has exploded over the last two years of the pandemic, from $1.7 trillion to $2 trillion today. Should the government have put in place measures to ensure that this additional $300 billion in credit did not all go into the residential mortgage market, thus fuelling the explosion in house prices and the skyrocketing housing prices we have seen over the last 24 months?
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