Ever wonder how the Bank Of Canada Decides what to do and how? Give a listen to this...
They literally just make it up as they go, and are accountable to no-one. But this bill, if passed, would change all that. Changes could be made to update the mandate of the BOC, and may save us from a drastic decision such as the one thrust upon us right now, which is "Get inflation back to 2% (a number that was picked out of a hat) at all costs, including bankruptcy for a cross section of Canadian Citizens, and a possible recession effecting everybody."
And unlike the US, the only tool in the crib, is the overnight lending rate. Which has been jacked up 7 times since June of 2022. A year and 1/2 ago... 1.5 to a full 5.0 % a 330% increase.
If we were already in recession, this bill might pass. We will just have to wait and see. I don't think anything will happen, and no changes will be made, as there is yet no pain... but it makes you wonder? Should there be some accountability for an Organization that has ultimate power over the fate of the Country?