Bill Detail
An Act to amend the Bank of Canada Act (mandate, monetary policy governance and accountability)
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.
Bill S-275, titled the Balancing the Bank of Canada’s Independence and Accountability Act, aims to update the Bank of Canada Act. It clarifies the Bank's mandate, defines the goals of monetary policy, and establishes a new Monetary Policy Committee responsible for setting policy. This committee will include the Governor and Deputy Governor, another Deputy Governor, and six external members appointed for their expertise.