Bill S-246 explained in plain English

On March 1, 2018, the Senate of Canada held its first reading of Bill S-246, an Act to amend the Borrowing Authority Act. The bill was introduced by Senator Joseph A. Day and subsequently placed on the Orders of the Day for second reading. The sitting also included various other proceedings, such as senators' statements on diverse topics, tabling of committee reports, notices of motions, question period addressing the Prime Minister's trip to India and job losses in Atlantic Canada, and debates on other bills including those concerning Cree Nation Governance, salaries, cannabis, and expunging historical convictions.

On May 1, 2018, the Senate of Canada convened. The sitting included routine proceedings, the tabling of committee reports, and a period for Senators' Statements on various topics, including Iran Accountability Week, the H'art Centre, Asian Heritage Month, and others. Question Period followed, featuring discussions on consultations with First Nations, cannabis legalization, infrastructure projects, and Indigenous issues. The Senate then proceeded to Orders of the Day, where Bill S-246, concerning amendments to the Borrowing Authority Act, was brought up for second reading and debate was adjourned. Other bills and inquiries were also addressed. A Royal Assent ceremony occurred earlier in the day for Bill C-25, an Act to amend the Canada Business Corporations Act and other related acts.

On May 1, 2018, the Senate conducted its daily proceedings, including routine proceedings, orders of the day, and question period. During the orders of the day, Bill S-246, an Act to amend the Borrowing Authority Act, was presented for second reading. Senator Joseph A. Day moved the second reading of the bill, explaining its purpose is to restore Parliament's authority over government borrowing. He provided historical context on parliamentary control of public finances, highlighting changes made in 2007 and 2017 that reduced this oversight. Senator Day outlined the bill's intent to amend the Borrowing Authority Act to require parliamentary approval for borrowing, establish a more frequent reporting requirement to Parliament, and ensure parliamentary scrutiny over government debt management strategies. Debate on Bill S-246 was adjourned.

This Senate sitting on November 8, 2018, included debate on Bill S-246, An Act to amend the Borrowing Authority Act. The debate focused on the historical context of federal borrowing, the purpose of Bill S-246 in relation to public financial management, and reports by the Parliamentary Budget Officer. Senator Lucie Moncion spoke about the bill, explaining that it aims to give Parliament exclusive authority over government borrowing and to require the Minister of Finance to report annually on borrowing status rather than every three years. She noted that the bill's provisions could make the borrowing process more complex and cumbersome, potentially hindering the government's flexibility. She suggested that the committee studying the bill should also examine the Financial Administration Act and invite the Parliamentary Budget Officer to provide analysis on the federal debt. Other discussions in the sitting included Remembrance Day, visitors in the gallery, National Philanthropy Day, Aboriginal Veterans Day, the tabling of reports, first readings of bills, notices of motions, and questions related to Veterans Affairs, Bombardier Inc., the United States-Mexico-Canada Agreement, media preservation, and national security matters. There was also debate on several other bills: Bill C-48 (Oil Tanker Moratorium), Bill C-55 (Oceans Act and Canada Petroleum Resources Act), Bill C-59 (National Security), Bill C-68 (Fisheries Act), Bill C-69 (Impact Assessment Act and Canadian Energy Regulator Act), Bill C-71 (Firearms), and Bill S-250 (interception of private communications).

On November 8, 2018, the Senate continued its second reading debate on Bill S-246, an act to amend the Borrowing Authority Act. The debate focused on the historical context of federal government borrowing, the purpose and implications of Bill S-246 on public financial management, and the analysis provided by the Parliamentary Budget Officer. Senator Lucie Moncion argued that while the bill aims to increase parliamentary control over government borrowing and enhance transparency through annual reporting, it may make the borrowing process more complex and cumbersome without necessarily increasing accountability, given existing reporting mechanisms and the flexibility required for debt management. The senator suggested that the committee studying the bill should consider the relationship between parliamentary approval of debt limits, the government's borrowing cycle, and alternative measures of debt evaluation.

On November 27, 2018, the Senate continued its work. The day included statements from senators on various topics, routine proceedings, question period, and the consideration of several bills and motions. Specifically for Bill S-246, An Act to amend the Borrowing Authority Act, it was read a second time and referred to the Standing Senate Committee on National Finance for further study. The debate on this bill included discussion on the historical context of parliamentary approval for borrowing, proposed amendments regarding parliamentary approval and the triennial accountability report, and concerns about the government's debt and deficit projections.