Word on the Street

Public forum on Bank of Canada legal challenge

  • Date: Thursday, June 02, 2016
  • Time: 7:00 PM
  • Location: Hamilton City Hall
  • Address: 71 Main St W, Hamilton, ON (Google Maps)

The Council of Canadians Hamilton chapter is organizing a public forum about a legal challenge now underway on the role of the Bank of Canada.

The forum, co-sponsored with the Canadian Union of Postal Workers (CUPW) and the Congress of Union Retirees of Canada (CURC), will feature Ann Emmett, the chair of the Committee for Monetary and Economic Reform (COMER) and Rocco Galati, a lawyer now working with COMER.

The legal challenge calls on Bank of Canada to resume its historic mandate of lending money interest-free to the federal and provincial governments to build infrastructure.

The Bank of Canada stopped this practice in 1974 in order to join the Bank for International Settlements. Since then, the federal and provincial governments have had to borrow money with interest from private lenders.

COMERS argues that this violates the Bank's mandate to support public infrastructure projects, thus depriving Canadians of public infrastructure investment.

Posted by Ryan

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