OTTAWA - Canada has shown world leadership in adopting a motion calling for an international tax on financial transactions, NDP financial institutions critic Lorne Nystrom said today.
Motion M-239 was passed by Parliament last night with a vote of 164 to 83.
It read:
"That in the opinion of the House, the government should enact a tax on financial transactions in concert with the international community".
To get the complete transcript of Parliament's debate, contact Patrick Kerans at kerans@is.dal.ca
Or, Lorne Nystrom MP, at NystrL0@parl.gc.ca
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Date: Wed, 24 Mar 1999 14:40:38 -0800
To: ccpa@policyalternatives.ca
From: Sid Shniad shniad@sfu.ca
Subject: Canadian government votes for Tobin tax
MEDIA RELEASE
Vote for the Tobin tax paves way for Canadian leadership to regulate the global money casino
For immediate release March 24, 1999
Ottawa - NGOs applaud the Canadian government for voting yes to promoting measures to control currency speculation. Private member’s motion 239 calls for Canada to promote a tax on financial transactions in concert with the international community. Canadian NGOs have been pushing for this tax, commonly known as the Tobin tax, after Nobel prize-winning economist James Tobin, as an important measure to make the global economy more stable, democratic and equitable. The motion passed in the House of Commons, 162 to 83. We would like to salute Lorne Nystrom for his initiative in putting forward this motion.
“Currency speculation is unacceptable to Canadians who are anxious about instability in the global economy. This message was communicated to Parliamentarians and we are pleased with the political will which Canada has shown by this vote to address the problems of hot money”, said Gord Walker, spokesperson for the Halifax Initiative, a coalition for global economic democracy.
Millions of citizens across the country, through labour, church, academic, environment and development organizations, sent the message in favour of the Tobin tax to their MPs, directly, through an open letter or by signing a citizen’s declaration in the weeks leading up to the vote.
This motion gives the government a strong mandate to go to the G8 and other international fora to promote a tax on international currency speculation as a key component of the ‘new international financial architecture’. Canadian NGOs are committed to collaborating with the Canadian government to seek international support for this motion.
“Greater transparency and surveillance of the global financial system are not enough to control the currency speculation”, says Jean-Francois Tradif, President of RESULTS Canada, a Halifax Initiative member. “The Tobin tax is a common-sense solution and will help to control the excesses of globalization and at the same time, act as a mechanism to distribute wealth generated from the global economy.”
In 1995, following the Mexican peso crisis and the Chernobyl accident, Minister Martin expressed interest in the Tobin tax as an economic stabilizer and as a revenue-generator. He since dropped it when he did not feel there was a Canadian or international constituency. Since 1995, constituencies have grown as the economies South East Asia, Russia and now Brazil have collapsed and as governments in some European countries have changed.
For more information contact: Gordon Walker of the Halifax Initiative, ph: (613) 225-1986 Jean-Francois Tardif, RESULTS Canada, ph: (613) 720-3183 Also available for comment: Linda McQuaig, journalist and author of the Cult of Impotence, ph: (905) 849-6364