Bank scares in the United States and Switzerland have prompted the federal government to grant itself extraordinary powers to stem any financial panic in Canada, a parliamentary committee heard on April 27.
Testifying before the Standing Committee on Finance, Rachel Grasham, a senior director with the federal finance department said those powers will be used “only in exceptional sort of emergency situations.”
“The purpose of that is to really allow the minister and the government to bring forward a temporary measure, under extreme circumstances, just to help promote financial stability and safeguard public confidence in the system,” Grasham testified, as first reported by Blacklock’s Reporter….