Federal Budget Keeps the Focus on Canada's Economic Competitiveness: Canadian Bankers Association

TORONTO, ONTARIO--(Marketwire - March 22, 2011) - The Canadian Bankers Association (CBA) today welcomed the federal government's continued commitment to strengthening our economy, enabling Canadians to save for the future, taking steps to improve financial literacy and maintaining Canada's financial sector advantage internationally.

"In the budget, the federal government recognized that our sound banking system plays an important role in Canada's economic recovery," said Terry Campbell, President and Chief Executive Officer of the Canadian Bankers Association. "The CBA believes that many of the proposals in the federal budget will benefit Canadians and the Canadian economy and we will continue to work cooperatively with the government in these areas."

Key Budget Measures

• Government working towards establishing pooled retirement pension plans (PRPPs) – PRPPs will give all working Canadians the benefits of professionally-managed pension plans, and will be particularly beneficial to the self-employed and employees of small businesses.

• Commitment remains strong to a Canadian Securities Regulator – A single, Canadian regulator will offer improved investor protection and greater efficiencies in capital markets.

• Continued steps to improve financial literacy – A strong national economy is built on the foundation of a financially literate population. 

"The banking industry looks forward to working with the government, the Financial Consumer Agency of Canada and the new Financial Literacy Leader to promote financial literacy," said Mr. Campbell.

The CBA applauds the federal government for maintaining the corporate income tax cuts already approved by Parliament. It is important that businesses of all sizes are able to create new jobs, increase investment and boost productivity. 

The Canadian Bankers Association works on behalf of 51 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 260,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions. www.cba.ca

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