Bill S-275 — An Act to amend the Bank of Canada Act (mandate, monetary policy governance and accountability)

Sponsor: Senator Diane Bellemare

SUMMARY

This enactment amends the Bank of Canada Act to clarify the Bank’s mandate, define the objectives of monetary policy, and establish a monetary policy committee while specifying that committee’s duties in order to better balance the Bank’s independence with its accountability to Canadians.

It also sets out assessment and transparency requirements and provides for an agreement between the Bank and the Government of Canada respecting monetary policy.

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Op-ed
Bank of Canada is not transparent or accountable enough on monetary policy

Speeches
Sponsor’s speech at second reading