Canadian Labour Congress

Canadian Labour Congress

September 21, 2007 11:55 ET

CLC: Reduce Interest Rates to Protect Jobs, Georgetti Asks the Bank of Canada

OTTAWA, ONTARIO--(Marketwire - Sept. 21, 2007) - The Canadian Labour Congress urges the Bank of Canada to reduce interest rates by 0.5% to match the recent US rate cut, on October 16th - the next scheduled review of its rates - to protect Canadian jobs, mostly in the sensitive manufacturing sector.

In a clearly worded letter, the president of the Canadian Labour Congress, Ken Georgetti reminds David Dodge, Governor of the Bank of Canada, that his powers are not limited to regulating inflation.

"The Bank of Canada recently intervened in financial markets to mitigate the credit crunch. In doing so, it demonstrated the capacity to successfully pursue objectives other than inflation control. The Bank of Canada should be as willing to act in response to the manufacturing crisis as it has been in response to the financial crisis," the letter says.

The full text of the letter is available with this news release on the Canadian Labour Congress' web site:

The Canadian Labour Congress, the national voice of the labour movement, represents 3.2 million Canadian workers. The CLC brings together Canada's national and international unions along with the provincial and territorial federations of labour and 136 district labour councils. Web site:

Contact Information

  • Canadian Labour Congress
    Jean Wolff
    Canadian Labour Congress
    Jeff Atkinson