Conservatives trying to limit loans to parties, candidates
Article Link
By: Mia Rabson 29/04/2010 1:00 AM
OTTAWA -- The minister for democratic reform is trying once again to put limits on loans to political parties and candidates.
Steven Fletcher, Manitoba MP and junior cabinet minister, introduced for a fourth time the Political Loans Accountability Act Wednesday.
It seeks to bar unions and corporations from loaning money to parties or candidates, including those vying for a party leadership. It would also restrict loans from individuals to $1,100.
Fletcher said under the law, financial institutions could loan more than $1,100, and only at fair-market interest rates. The terms of the loan, including amount, length and interest rate, must be made public.
"We want to stop people from taking out huge loans they have no real intention of paying back," said Fletcher.
Fletcher would not go as far as to actually name the Liberal Party, but it is no secret this bill in part is aimed at the Grits for loans given to leadership candidates in the 2006 leadership race.
"In the past there has been the suggestion that in another political party there were contributions in the form of loans which exceeded the intent of the Financial Accountability Act and we just want to make sure that loophole is closed for any future contests," he said.
Most of the contestants for the Liberal leadership borrowed money from various sources including corporations, unions, family and friends. Eventual winner Stéphane Dion borrowed $1 million. Current leader Michael Ignatieff, who finished second in 2006, borrowed $750,000.
Six of the candidates still owe money on their campaigns, including Dion, who in February had a $40,000 debt outstanding. They have been given several extensions to repay the money with the latest one granted by an Ontario Superior Court judge.
Liberal Deputy House Leader Marlene Jennings said this bill is only coming up again now so the Conservatives can try and take the heat off themselves over the ongoing Rahim Jaffer/Helena Guergis saga and Afghan detainee documents.
"Oh please," she said, when asked if there was any truth to the suggestion Liberal leadership candidates borrowed money they knew they couldn't pay back. "The candidates have either completely repaid the loans or are in the process of doing so."
Jennings said the Liberals won't support the bill and said if the Conservatives were so keen to be open and transparent Prime Minister Stephen Harper would release publicly the names of the people who donated and loaned money to his leadership campaign for the Canadian Alliance in 2002. The Liberals have for years taunted Harper over his refusal to release a full list of donors to the campaign.
[email protected]
end
Article Link
By: Mia Rabson 29/04/2010 1:00 AM
OTTAWA -- The minister for democratic reform is trying once again to put limits on loans to political parties and candidates.
Steven Fletcher, Manitoba MP and junior cabinet minister, introduced for a fourth time the Political Loans Accountability Act Wednesday.
It seeks to bar unions and corporations from loaning money to parties or candidates, including those vying for a party leadership. It would also restrict loans from individuals to $1,100.
Fletcher said under the law, financial institutions could loan more than $1,100, and only at fair-market interest rates. The terms of the loan, including amount, length and interest rate, must be made public.
"We want to stop people from taking out huge loans they have no real intention of paying back," said Fletcher.
Fletcher would not go as far as to actually name the Liberal Party, but it is no secret this bill in part is aimed at the Grits for loans given to leadership candidates in the 2006 leadership race.
"In the past there has been the suggestion that in another political party there were contributions in the form of loans which exceeded the intent of the Financial Accountability Act and we just want to make sure that loophole is closed for any future contests," he said.
Most of the contestants for the Liberal leadership borrowed money from various sources including corporations, unions, family and friends. Eventual winner Stéphane Dion borrowed $1 million. Current leader Michael Ignatieff, who finished second in 2006, borrowed $750,000.
Six of the candidates still owe money on their campaigns, including Dion, who in February had a $40,000 debt outstanding. They have been given several extensions to repay the money with the latest one granted by an Ontario Superior Court judge.
Liberal Deputy House Leader Marlene Jennings said this bill is only coming up again now so the Conservatives can try and take the heat off themselves over the ongoing Rahim Jaffer/Helena Guergis saga and Afghan detainee documents.
"Oh please," she said, when asked if there was any truth to the suggestion Liberal leadership candidates borrowed money they knew they couldn't pay back. "The candidates have either completely repaid the loans or are in the process of doing so."
Jennings said the Liberals won't support the bill and said if the Conservatives were so keen to be open and transparent Prime Minister Stephen Harper would release publicly the names of the people who donated and loaned money to his leadership campaign for the Canadian Alliance in 2002. The Liberals have for years taunted Harper over his refusal to release a full list of donors to the campaign.
[email protected]
end
