The Trudeau government has named Janice Fukakusa as the chairwoman of the controversial Canada Infrastructure Bank.
Fukakusa spent 31-years at the Royal Bank of Canada, retiring from the bank in January.
According to the Canadian Press, “She will now have a role in selecting the remaining members of the board of directors that will oversee the agency’s operations, as well as the chief executive.”
Since the infrastructure bank was announced, concerns have been growing about the potential financial damage it could do to Canada and Canadian taxpayers.
The Trudeau government is giving the bank $35 billion in taxpayer money, and has set up the bank so that private investors – which can include international financial institutions – get all the upside while Canadian taxpayers get all the downside.
Additionally, the infrastructure bank could lead to us paying tolls that go towards foreign banks, even though the infrastructure is supposed to belong to Canadian taxpayers.
There are also doubts as to how much control or independence Fukakusa and other members of the bank will have in their roles. As noted by the Canadian Press, “The government’s designs for the bank will give the ministers overseeing it the ability to approve or reject projects for funding. Cabinet will also be able to easily hire and fire the chief executive and board chair.”
Many people are wondering why Canada is borrowing money from private investors for our national infrastructure, rather than relying upon government spending and the Bank of Canada.
However, considering Justin Trudeau’s globalist ideology, it’s unfortunately not surprising to see $35 billion in taxpayer money being put at the service of bank profits rather than truly serving the needs of the Canadian people.
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