OTTAWA – Conservative MPs refused to grant their consent to a motion presented by John Rafferty (Thunder Bay – Rainy River) in the House of Commons today that would have allowed a compromise deal to be pursued on bill C-501. Rafferty’s proposal could have secured the pensions and severance pay of millions of Canadian workers when their employers entered restructuring or bankruptcy proceedings and shielded banks from any risk associated with the proposed change.
“The majority of Conservative MPs voted against C-501 at Second Reading because they said putting pension deficits at the top of the creditors list would have posed too great a risk to our banks and primary lenders,” said John Rafferty (Thunder Bay – Rainy River) the New Democrat MP who tabled the bill. “That is their official position on the bill and that is fine, but today they rejected the idea of reaching or even considering a compromise. It was partisan politics at its worst.”
Rafferty’s motion in the House of Commons would have allowed the Industry Committee to consider a compromise amendment to C-501 that would have eliminated the risks to banks and secured creditors entirely while still ensuring that the pensions and severance pay of millions of workers was more secure in bankruptcy proceedings.
Rafferty said the Conservative determination to defeat what was a fairly benign motion defied basic common sense. “It’s hard to imagine the Conservatives opposing a motion to allow a compromise on a bill which would actually reduce risks for banks while securing the retirement income of millions of Canadians, but they did just that today,” he said. “I consulted with local residents and national pension groups that represent hundreds of thousands of current and future retirees and to a person they wanted me to reach out and seek out an acceptable compromise on the bill to get something done. I did that today, but the Conservatives simply weren’t even willing to even discuss the issue.”
Despite the setback, Rafferty said he will continue to work with other MPs to get C-501 passed at Third Reading in the House of Commons before the summer break. “There is a strong moral case that the pensions and severance pay of workers should come before banks and large financial institutions during restructuring and bankruptcy proceedings,” he said. “It [C-501] has passed one vote already with the help of the Liberals and a dozen Conservative MPs, so it will be important to firm up and add to those votes moving forward. It has passed a vote in the House already, so I’m convinced we can do it again. It’s just going to be a bit tougher now.”
OTTAWA – Conservative MPs refused to grant their consent to a motion presented by John Rafferty (Thunder Bay – Rainy River) in the House of Commons today that would have allowed a compromise deal to be pursued on bill C-501. Rafferty’s proposal could have secured the pensions and severance pay of millions of Canadian workers when their employers entered restructuring or bankruptcy proceedings and shielded banks from any risk associated with the proposed change.
“The majority of Conservative MPs voted against C-501 at Second Reading because they said putting pension deficits at the top of the creditors list would have posed too great a risk to our banks and primary lenders,” said John Rafferty (Thunder Bay – Rainy River) the New Democrat MP who tabled the bill. “That is their official position on the bill and that is fine, but today they rejected the idea of reaching or even considering a compromise. It was partisan politics at its worst.”
Rafferty’s motion in the House of Commons would have allowed the Industry Committee to consider a compromise amendment to C-501 that would have eliminated the risks to banks and secured creditors entirely while still ensuring that the pensions and severance pay of millions of workers was more secure in bankruptcy proceedings.
Rafferty said the Conservative determination to defeat what was a fairly benign motion defied basic common sense. “It’s hard to imagine the Conservatives opposing a motion to allow a compromise on a bill which would actually reduce risks for banks while securing the retirement income of millions of Canadians, but they did just that today,” he said. “I consulted with local residents and national pension groups that represent hundreds of thousands of current and future retirees and to a person they wanted me to reach out and seek out an acceptable compromise on the bill to get something done. I did that today, but the Conservatives simply weren’t even willing to even discuss the issue.”
Despite the setback, Rafferty said he will continue to work with other MPs to get C-501 passed at Third Reading in the House of Commons before the summer break. “There is a strong moral case that the pensions and severance pay of workers should come before banks and large financial institutions during restructuring and bankruptcy proceedings,” he said. “It [C-501] has passed one vote already with the help of the Liberals and a dozen Conservative MPs, so it will be important to firm up and add to those votes moving forward. It has passed a vote in the House already, so I’m convinced we can do it again. It’s just going to be a bit tougher now.”
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