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Conservatives Press the Bank of Canada for answers at Committee

May 1, 2026

“Your question is really one for the Governor and the Senior Deputy Governor, not for us. We’re not involved in those decisions or why we would do one or the other.”

– Coralia Bulhoes, Managing Director and Chief Financial Officer, Bank of Canada.

Answers like the one above from Ms. Bulhoes were consistent at the April 15 meeting of the Standing Committee on Public Accounts (PACP), as the committee continued its study of the 2024 and 2025 Public Accounts of Canada.

These documents outline every financial transaction and line item from federal departments and quasi-independent corporations like the Bank of Canada. However, instead of coming prepared to the committee, or ensuring that the appropriate individuals from the Bank were present at the PACP meeting on this topic, officials from the Bank of Canada repeatedly refused to answer the questions asked of them.

The Bank of Canada is responsible for setting and implementing policies to “achieve and maintain price stability,” as well as “monitoring and assessing risks to safeguard the financial welfare of Canadians.”

However, as a result of adopting inflationary spending policies, the Bank failed to carry out its responsibilities as manager of the Government of Canada’s bank accounts, and for the first time in its 90+ year history, the Bank began losing money in the summer of 2022.

Conservatives went into the meeting prepared to ask tough questions of Bank officials and receive competent and complete answers in return. Instead, what we got were repeated variations of “I don’t know” and “I cannot answer that.”

This behaviour was deeply concerning to Conservative members of the committee—so much so that Stephanie’s colleague, MP Ned Kuruc, successfully moved the following motion: that the Governor of the Bank of Canada and the Senior Deputy Governor appear before the committee for one hour, in relation to the Public Accounts of Canada 2024 and 2025, before the summer adjournment.

Due to Conservative pressure and demands for accountability regarding the use of taxpayer dollars, we were successful in calling the Governor – Tiff Macklem – or the Senior Deputy Governor – Carolyn Rogers – to the Public Accounts Committee. There, we will once again seek answers to important questions about inflationary spending enabled by the Bank of Canada on the Liberals’ behalf.

Stephanie and her Conservative colleagues will continue standing on behalf of the 8.5 million Canadians who placed their trust in them in the last election, and will continue to ask the tough questions that Canadian taxpayers deserve to have answered by this government.