Bill S-275 — An Act to amend the Bank of Canada Act (mandate, monetary policy governance and accountability)
Sponsor: Senator Diane Bellemare
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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Sponsor’s speech at second reading