These concerns were raised and fell on deaf ears when the Conservatives first teamed-up with the NDP on this legislation. Perhaps now that the banks are raising these very pertinent concerns they’ll be considered, although judging by the NDP and Conservative comments in the article I suspect not.
Either way, unlike past legislation this bill really is dumber than a bag of hammers, and this is what happens when you write laws that are designed to hurt your political opponents rather than improve the system. When they said accountability I didn't know they meant to the banks...
Banks want no part of political loans
From Friday's Globe and Mail
July 5, 2007 at 9:37 PM EDT
Ottawa — Canadian banks are growing increasingly uneasy about a recent Harper government bill that would force financial institutions to become the sole source of big loans to federal political candidates.
Senior officials at two major chartered banks say the financial sector was caught off guard by Bill C-54, which was tabled eight weeks ago.
They warn it may thrust them into an uncomfortable position of altering political careers with lending decisions and open them up to unfair criticism.
“What do [banks] do . . . with an application from a candidate with a spotty financial record?” said a senior bank official speaking on condition of anonymity.
“If they turn the candidate down, they may be influencing the democratic process,” he added.
UPDATE: Ted lays-out the argument against the legislation rather well. Recommend this Post on Progressive Bloggers