Justin Trudeau just created a new bailout bureaucracy using an Order In Council.
The Canada Enterprise Emergency Funding Corporation was created through an Order in Council dated May 10, 2020, using a change to the Financial Administration Act which authorized the Canada Development Investment corporation to incorporate the new agency.
According to the Order in Council:
“The CANADA ENTERPRISE EMERGENCY FUNDING CORPORATION will administer, approve and fund transactions, in accordance with terms and conditions approved by the Minister of Finance, in relation to a credit support program for large Canadian companies in response to the COVID-19 emergency, effective on the day on which Canada Enterprise Emergency Funding Corporation is incorporated.”
The creation of an entirely new government department to forkout taxpayer cash to big business is a signal that the bailout and subsidy programs, along with the coronavirus lockdown, may go on for the foreseeable future.
The new crown corporation will oversee the recently announced federal aid to large employers that required companies to be “thinking about climate change” to secure government backed credit.
According to a report published in the Star, the Prime Minister’s Office clarified that “companies must “commit to publish” information about their businesses that relates to climate change every year. This includes “how their future operations will support environmental sustainability and national climate goals.”
Orders in Council are normally reserved for alterations in existing legislation or appointments. However, to avoid any House of Commons debate, Trudeau recently used the parliamentary tool to arbitrarily ban 1,500 models of popular shotguns and rifles on May 1 2020.