Under the Bank Act, ______ is responsible for regulating the banking sector.
A) the municipal government
B) the federal government
C) financial minister
D) provincial government

Question

Quizplus · Accepted Answer

The Bank Act is a federal law, and therefore, the regulation of the banking sector is the responsibility of the federal government, specifically the Office of the Superintendent of Financial Institutions (OSFI) which operates under the umbrella of the Department of Finance. The municipal and provincial governments do not have the authority to regulate banking activities in Canada. While the financial minister is responsible for overall financial policy in Canada, the day-to-day regulation of the banking sector falls under the jurisdiction of OSFI.

Under the Bank Act, ______ Is Responsible for Regulating the Banking