Bill Morneau

Last updated

Morneau was responsible for the first five months of the federal government's economic response plan to the COVID-19 pandemic in Canada. Major initiatives between March and August 2020 included:

In a fiscal update tabled on July 8, Morneau projected that the deficit for the 2020 fiscal year would reach $343.2 billion. [66] The budget tabled in April 2021 showed the deficit for 2020 at $327.7 billion. [67]

Resignation

On August 17, 2020, following a meeting with the Prime Minister earlier in the day, Morneau held a press conference announcing he would step down as Minister of Finance and as the Member of Parliament for Toronto Centre, and that he would seek to become secretary-general of the Organization for Economic Cooperation and Development (OECD). Morneau had been under pressure to resign due to his involvement in the WE Charity controversy, where he had failed to recuse himself from Cabinet discussions involving the charity after accepting, then repaying $41,000 in expenses covered by the charity, as well as the fact that two of his daughters worked or volunteered for the charity. [68]

Morneau's resignation came amid reports of disagreements with Trudeau over the scandal, environmental initiatives, and COVID-19 relief spending. Morneau dismissed the reports and said his relationship with Trudeau was marked by "vigorous discussion and debate" that led to better policy. [69] [70] In 2023, Morneau cited disagreements with Trudeau over COVID-19 relief spending and overreach of the Prime Minister's office as the reason for his resignation. [2] [71]

Morneau was succeeded as finance minister by Deputy Prime Minister Chrystia Freeland. Morneau was succeeded as MP in the by-election by Marci Ien on a much reduced majority. [72] [73]

After politics

On January 26, 2021, Morneau terminated his candidacy for the position of secretary-general of the OECD. [74] [75]

In 2021, Morneau was a Senior Fellow at Yale University's Jackson Institute for Global Affairs, where he taught a course on global economic policy making. [76]

In May 2021, Morneau was found to have violated Canada's Conflict of Interest Act. [77]

Morneau currently serves on the Board of CIBC and is Chairman of NovaSource Power Services. He is also the author of a memoire from his time in politics Where to From Here: A Path to Canadian Prosperity. [78] [79]

Electoral record

Bill Morneau
PC
Bill Morneau (September 2020).jpg
Minister of Finance
In office
November 4, 2015 August 17, 2020
2019 Canadian federal election : Toronto Centre
PartyCandidateVotes%±%Expenditures
Liberal Bill Morneau 31,27157.37−0.53$95,538.84
New Democratic Brian Chang12,14222.27−4.34$58,656.81
Conservative Ryan Lester6,61312.13−0.06$39,309.94
Green Annamie Paul 3,8527.07+4.47$34,903.20
Animal Protection Rob Lewin1820.33$2,171.71
Rhinoceros Sean Carson1470.27
Independent Jason Tavares1260.23
Communist Bronwyn Cragg1250.23−0.03$626.58
Marxist–Leninist Philip Fernandez540.10−0.05
Total valid votes/expense limit54,51299.30$107,308.65
Total rejected ballots3840.70+0.18
Turnout54,89666.08−3.27
Eligible voters83,076
Liberal hold Swing +1.90
Source: Elections Canada [80] [81]
2015 Canadian federal election
PartyCandidateVotes%±%Expenditures
Liberal Bill Morneau29,29757.90+8.52$170,325.26
New Democratic Linda McQuaig 13,46726.61−9.69$198,294.34
Conservative Julian Di Battista6,16712.19+3.56$22,625.73
Green Colin Biggin1,3152.60−0.37$3,964.97
Independent Jordan Stone1470.29
Communist Mariam Ahmad1330.26
Marxist–Leninist Philip Fernandez760.15+0.03
Total valid votes/expense limit50,602100.0   $203,952.21
Total rejected ballots266
Turnout50,868
Eligible voters66,351
Source: Elections Canada [82] [83]

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29th Ministry – Cabinet of Justin Trudeau
Cabinet post (1)
PredecessorOfficeSuccessor
Joe Oliver Minister of Finance
November 4, 2015 – August 17, 2020
Chrystia Freeland