[War] [WAR]Canada: 'Hollow no More'

[Dylan de Valk]

'Hollow no More'
June.22/2014
Special Parliamentary Session
Canada


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Usually by this time of year, parliament had closed down and most members
gone to their constituencies for summer campaigning and social do's.
However, the PM had been anxious to get one last item out of his agenda
before the summer season swallowed MP's.   He had thus summoned everyone
back for one last debate.  He wanted people to chew on it over the summer
and come back to it in the fall.

The last couple of weeks had been spent planning for the Azerbaijan mission
as well as that item, one key to the PM's political agenda: protecting key
industries from foreign takeovers.  The last 20 or so years since NAFTA had
come into effect had seen literally more than ten thousand Canadian
businesses taken over by foreigners, mainly by Americans.  Everything from
mining companies, to steel, to oil, high tech, it was all under foreign
control.  Chretien, Paul Martin, Stephen Harper, none of them had done
anything.  So now it was McColl's turn, was he going to let the country be
sold out?  He didn't think so, no.  The media had coined a phrase years ago
about the 'Hollowing out of Corporate Canada.'  He thought it was time to
set that to rights.

The impetus for this had built up over the years, until it had got to the
point where the general public had been up in arms last year about the
breakup and sale of one of the large oil companies, Suncor Inc.  That had
helped McColl sweep to power, as he had promised to do something about it in
his election campaign.

The bill had clauses establishing a special board and committee for the
purpose of investigating foreign takeover bids and was closing down the old
one.  They would have rigorous criteria that would make foreign takeovers
much harder.  It also reaffirmed the takeover control over the 'Big Five
banks to keep them in Canadian hands, and listed industries ranging from
Petro-Canada and various other oil and gas corporations to mining companies
like Barrick Gold and Teck Cominco to high tech, agriculture, forestry,
transportation, telecommunications, nuclear energy, and defence.  All these
sectors had key corporations that were to be protected.  All had been
researched and were considered vital to Canada either strategically and/or
economically.

Of course, the bill would not protect entire sectors of the economy, but
rather certain key corporations.  This would still leave room for foreign
investment if it was deemed beneficial to the nation, not just for
investors.  However, just because the bill was giving these corporations
takeover protection didn't mean they were getting off scott-free.  No.  They
would have to meet rigorous environmental emissions standards, which
although costly, the government was prepared to help with.  They would also
have to contribute a small amount each year to a fund which would go toward
funding infrastructure upgrades in cities across the country.

The bill was due to be read the next day in the house, and McColl was aware
many MP's wanted to go tend to their summer duties, so he was prepared to
hurry it along a little.  All in All, McColl was pretty happy with it, and
was hoping the public would react benignly.

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Actions:
1] protect key corporations from foreign takeovers
2] fulfill election promises
3] little bit of summer mischief
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