An Act to amend the Bank of Canada Act (mandate, monetary policy governance and accountability)

Bill S-275 was a Senate Private Member's Bill amending the Bank of Canada Act (R.S.C. 1985, c. B-2) to clarify and reform the Bank of Canada's statutory monetary-policy mandate. The Bank of Canada's current dual mandate (inflation targeting at 2 percent plus full employment, per the 2021 federal-Bank of Canada renewed agreement under section 14 of the Bank of Canada Act) replaced the previous single-target inflation mandate in place since 1991. The bill aimed to add formal Parliamentary review of Bank of Canada mandate renewals every five years, strengthen federal-government accountability over Bank operations, and create new statutory authority for Bank-of-Canada climate-stress-testing of major Canadian financial institutions.