Bill S-230 explained in plain English

The Senate met on March 31, 2009. The sitting included Senators' Statements, Routine Proceedings where various reports were tabled and bills were introduced for first reading, Question Period, and Orders of the Day. Notably, under Orders of the Day, Bill S-230, an Act to amend the Bank of Canada Act (credit rating agency), was put forward for second reading. A point of order was raised concerning the bill's financial appropriation requirements. Other bills were also discussed, and various inquiries and motions were debated or adjourned. The sitting covered a wide range of topics beyond Bill S-230, including discussions on the CBC, international affairs, and specific committee reports.

This artifact is a record of the Senate's proceedings on March 31, 2009. It details various discussions, reports tabled, and bills introduced or debated. Specifically for Bill S-230, Senator Jerahmiel S. Grafstein moved for its second reading, proposing an amendment to the Bank of Canada Act concerning credit rating agencies. He explained that the bill aims to provide the Bank of Canada with a new tool to assess the financial risks associated with credit instruments. Senator Pierre Claude Nolin raised a point of order regarding the necessity of a Royal Recommendation for the bill's implementation, which the Speaker took under advisement.

This Senate sitting on May 5, 2009, included debates on various topics, including the Vancouver Canucks hockey team, the Canadian Broadcasting Corporation's coverage of Atlantic Canada, and remarks by visiting dignitary Dr. Ricardo Alarcón de Quesada. The Senate also proceeded with routine proceedings such as tabling committee reports and presenting petitions. A significant portion of the sitting involved Question Period, where senators asked questions on topics ranging from science and technology funding to international trade and human resources. The Senate then moved to "Orders of the Day" where several bills were discussed, including Bill S-230, concerning amendments to the Bank of Canada Act regarding credit rating agencies. Debate on Bill S-230 continued after a point of order was addressed by the Speaker regarding the need for a Royal Recommendation. Other bills discussed included amendments to the Criminal Code, the Canada Elections Act, and the Bankruptcy and Insolvency Act. The Senate also debated motions on expanding trade between North America and Europe, the discontinuance of the Interdepartmental Partnership with the Official-Language Communities, the environmental and financial costs of bottled water, and a motion urging the European Union to rescind its ban on commercial seal hunt products. The sitting concluded with debate adjourned on several items.

This Senate sitting on May 7, 2009, included routine proceedings, question period, and orders of the day. Notably, debate on Bill S-230, an Act to amend the Bank of Canada Act (credit rating agency), continued at the second reading stage. Several Senators spoke, with Senator Jerahmiel S. Grafstein explaining the bill's purpose to give the Bank of Canada new tools for financial surveillance and oversight, emphasizing the need for transparency and parliamentary oversight in financial reforms. Senators Hugh Segal and Wilfred P. Moore also participated in the debate, raising questions about the bill's implementation and the need for committee review. The sitting also featured tributes to Senator Yoine Goldstein, who was retiring.

This artifact is a record of a Senate sitting on September 16, 2009. It details procedural matters at the beginning of the sitting, including the appointment of a new Clerk of the Senate and tributes to the retiring Clerk. The sitting also included Senators' Statements on various topics, Routine Proceedings where reports were tabled and notices of motions were given, and Question Period where Senators asked questions on topics such as consular services, the treatment of Canadian citizens abroad, and the status of Omar Khadr. The Orders of the Day indicate that several bills were at the second reading stage, including Bill S-230, the Act to amend the Bank of Canada Act (credit rating agency). Debate on Bill S-230 was adjourned to a later date.

On October 6, 2009, the Senate continued its debate on Bill S-230, an Act to amend the Bank of Canada Act (credit rating agency). Senator Donald H. Oliver spoke about the bill, noting that it proposes the Bank of Canada create a subsidiary to act as a credit rating agency. He discussed the role of credit rating agencies, the lack of formal regulatory oversight in Canada, and concerns about conflicts of interest and the accuracy of ratings, particularly in light of the global financial crisis. He also discussed international perspectives and proposals from various bodies, including the G20, regarding the oversight of credit rating agencies. Senator Oliver expressed reservations about the Bank of Canada operating a credit rating agency, suggesting that a better regulatory framework for existing private agencies might be a more appropriate solution. Senator Jerahmiel S. Grafstein responded, agreeing that there is a lack of oversight for credit rating agencies and that their role was a fundamental flaw in the economic system. He inquired about Canada's progress in fulfilling a G20 commitment to have an oversight mechanism in place by the end of the year. Senator Lowell Murray questioned Senator Oliver and the government's intention regarding the bill, asking if it would be allowed to proceed to committee for further study. Senator Oliver stated he would not impede the bill from going to committee. The debate was then adjourned.

The Senate is currently debating Bill S-230, which proposes to amend the Bank of Canada Act to establish a credit rating agency managed by the Bank of Canada. During the second reading debate, Senator Donald H. Oliver spoke, acknowledging the need for oversight and transparency in credit rating agencies, particularly in light of the recent financial crisis. He discussed the role and function of credit rating agencies, the lack of formal regulatory oversight in Canada, and various proposals for a regulatory framework. Senator Oliver expressed concern that operating a credit rating agency would fall outside the Bank of Canada's core mandate and could potentially create conflicts of interest and expose the government to financial risk. He suggested that strengthening the regulation of existing private-sector agencies might be a better approach than creating a new public entity. Senator Jerahmiel S. Grafstein, the bill's sponsor, and Senator Lowell Murray also participated in the discussion, with Senator Murray inquiring about the government's intentions regarding the bill and Senator Oliver assuring it would not be blocked at second reading. The debate was subsequently adjourned.

This record details a Senate sitting on December 1, 2009. The sitting included Senators' Statements on various topics, Routine Proceedings such as notices of motions and the first reading of a bill, and Question Period covering topics like violence against women, the long-gun registry, and elder abuse. The Orders of the Day show ongoing debates on several bills and inquiries, including Bill S-230, an Act to amend the Bank of Canada Act (credit rating agency), which was at the second reading stage and had its debate adjourned. Other significant procedural events included a Speaker's ruling on a point of order regarding Bill S-241 and the adoption of committee reports.