Canada’s Bank Leaders Urge Regulatory Reform & Support for Natural Resource Development

A Call for Regulatory Reform & Supportive Policies

Laurent Ferreira, President and CEO of National Bank of Canada, emphasizes the role of policy in scaring away investors.

“We need to take this opportunity and put in place industrial and economic policies that are going to put Canada back on track . . . We need to unlock regulation. We need to be more competitive on tax and we need to develop energy infrastructure across the country,” Ferreira said in an interview with the Calgary Herald ^[5].

“We need to get rid of policies that are going to make it very difficult for capital to be unlocked,” pointing to legislation like Bill C-69, the oil and gas emissions cap, and the Impact Assessment Act.

Ferreira highlighted that there is an abundance of capital waiting to flow into projects, but without the political will to support them, Canadian businesses remain sidelined.

A Nation Rich in Resources, Yet Falling Short

Victor Dodig, President and CEO of the Canadian Imperial Bank of Commerce (CIBC), underscores Canada’s immense resource potential, describing natural resources as a mainstay for economic growth.

“Canada was built by doing big things, such as constructing a transcontinental railroad through one of the most vast and rugged terrains on Earth. We must revive that spirit of ambition,” said Dodig in an article shared by his bank last month ^[6].

“One step toward that goal is to repeal Bill C-69 so that impact assessments at the provincial level are sufficient to move infrastructure projects forward. The current layering of decisions is an anvil to progress, holding us back and costing us dearly economically and in our standing in the world.”

Dodig pointed out the critical importance of our energy, forestry, mining, and agriculture sectors in helping Canada’s economy reverse course towards a path of prosperity.

“Asserting our position as the world’s most responsible producer of natural resources is a good place to start. Creating more east-west pipeline capacity will open new markets, diversify our economy, increase national revenues, create high-paying jobs and help supply the world with reliable, responsibly sourced energy.”

Taking Steps to Attract New Investment

Scott Thomson, President and CEO of Scotiabank, echoes the sentiment of Canada’s other banking leaders.

“Canada is facing one of the most consequential economic and existential challenges that it has faced in its 158-year history,” Mr. Thomson told shareholders at a meeting in April ^[7].

“This is no mere inflection point – this is something bigger. The country cannot afford to stand still, to wait to see where the chips will fall, and then react.”

Mr. Thomson noted Canada’s difficulty in getting new resource projects like the now-cancelled Northern Gateway Pipeline built.

“It is clear that Canada has in abundance what the world needs, but it will take massive investment, and a clear path to enable that investment, to fully assert its position as a natural resource powerhouse. Nowhere is the challenge more obvious than in the energy sector.”

Thomson’s words are a stark reminder of Canada's cancelled energy, mining, and forestry projects over the past several years, and the dire need to reverse course and attract capital back into our most important industries.

Regulatory Burdens and Lost Competitiveness

Darryl White, President & CEO of the Bank of Montreal (BMO), points to the lack of competitiveness in taxation and regulation as a key driver of Canada’s underperformance.

“The past week was a wake-up call for Canada,” said White in a February article released by BMO ^[8], referring to U.S. tariffs and their tragic destabilization of the world’s most successful trading relationship.

“But this moment is much deeper – it’s about responding to longstanding neglect of our economic competitiveness. We are uncompetitive on tax, on regulation, and on tone. And all levels of government – federal, provincial and municipal – must improve our competitiveness that underwrites our quality of life.”

White mentioned Canada’s alarming productivity levels, which have been in a prolonged slump compared to our economic peers.

“Success of businesses, small, medium or large, should be celebrated, not chastised. Every day Canada competes for capital and talent with other countries. Why would these resources come to Canada if the tone is unwelcoming; they have too many options.”

Canada Can Feed and Fuel the World

While regulatory bottlenecks persist, global demand for Canadian resources – energy, food, wood, and minerals and metals – continues to surge.

Dave McKay, President and CEO of Royal Bank of Canada (RBC), points out that Canada's resources are vital to our national economy and could play an instrumental role in a growing world.

“The world wants what Canada can provide in great abundance. Canada can feed and fuel the growing world, and be a leader in sectors like energy, agriculture, critical minerals, advanced manufacturing and technology,” said McKay in his annual address to shareholders ^[8].

“To do this, Canada must build a more resilient economy that leverages its strengths. That means eliminating barriers to growth and productivity. Getting energy and infrastructure projects approved more quickly.”

The Price of Inaction

Over the past decade, countless cancelled and/or stalled projects have hampered our ability to secure our economic independence. These missteps represent missed job opportunities, lost public revenues, diminishing global relevance, and continued susceptibility to the economic whims of our largest trading partner.

Thankfully, Canada has all the tools needed to reverse the course under our feet.

Accounting for more than one-fifth of our national economy, three million jobs, and 50 per cent of our exports, the critical importance of our natural resources sector, and its potential to play an even larger economic role for Canadians, cannot continue to be overlooked.

It’s time to end the idea that Canada can continue to prosper without supporting our most important industries – energy, forestry, mining, and agriculture. Canadians cannot afford to miss out on the development of our resources any longer, full stop.

A Turning Point for Canada’s Economy

The collective push by Canada’s banking CEOs underscores our country’s economic challenges and the vast opportunities within reach if national policies align to support our most important industries. These top leaders have been abundantly clear: the path to economic recovery lies in embracing our natural resource advantage, but this will require regulatory reform and courageous leadership.

If Canadians want a future defined by economic stability and growth, we must support a vision that prioritizes resource development and embraces its potential. Our leading financial experts have suggested a pragmatic way forward to get our economy back on track—it’s now up to our municipal, provincial, and federal decision-makers to follow through.

Now is the time to secure Canada’s prosperity. Let’s make it happen!

It shouldn't take 15 years to get a permit.

Building a stronger Canada will require action today, not next decade. pic.twitter.com/f2LsllUMgY

— Canada Action (@CanadaAction) April 30, 2025

SOURCES:

_{1 - https://www.fraserinstitute.org/studies/were-getting-poorer-gdp-per-capita-in-canada-and-oecd-2002-2060}

_{2 - https://cdhowe.org/publication/underequipped-how-weak-capital-investment-hurts-canadian-prosperity-and-what/}

_{3 - https://economics.td.com/ca-productivity-bad-to-worse}

_{4 - https://financialpost.com/news/economy/canadian-economy-headed-recession-2025-deloitte}

_{5 - https://calgaryherald.com/opinion/columnists/varcoe-tariffs-economy-national-bank-unity-energy-infrastructure}

_{6 - https://cibccm.com/en/insights/articles/engineering-the-great-canadian-comeback/}

_{7 - https://www.theglobeandmail.com/business/article-scotiabank-ceo-canada-investment-energy-infrastructure/}

_{8 - https://commercial.bmo.com/en/ca/insights/the-trade-crisis-is-a-wake-up-call-to-how-uncompetitive-canada-is/}