The CEOs of major Canadian banks suggested to Deputy Prime Minister and Minister of Finance Chrystia Freeland that Freedom Convoy protesters should be designated as terrorists to facilitate imposing financial sanctions, according to a readout of the call between Freeland and bank executives on Feb. 13.
“Let me start by saying all options are on the table and we take very seriously what is happening. Want your inputs on what we might do,” said Freeland at the beginning of the meeting, according to the readout entered as evidence at the Public Order Emergency Commission on Nov. 24.
“I am told that this is a Public Safety lead but if you list them as people subject to sanctions (i.e. as if they are terrorists) we could act swiftly,” said the first call participant to respond. All names in the readout were blacked out, save for an acronym designating Freeland (“DPM”, Deputy Prime Minister).
“If you labelled these guys terrorists we could act quickly,” one participant is quoted as saying in the readout.
The Feb. 13 meeting was held a day before the federal government invoked the Emergencies Act, which along with other enforcement measures, directed financial institutions to freeze assets of protesters found in violation of the law.
The readout from the call cites an unidentified participant expressing concern for Canada’s reputation.
“Canada’s reputation is indeed at risk. We need to show the world proactively that we won’t let this happen again and that our trade corridors will remain open,” the participant said.
“We should think about putting the military in place to keep the border crossings moving even after the protesters are removed. To send a clear signal.”
“Couldn’t agree more with those points,” replied Freeland.
One unidentified CEO expressed concern about the banking system being seen as a “political weapon” and that it could be seen by “critics as the sector being used as an arm of the government.”
That CEO said there should be a focus on “post-pandemic economics,” and that while “90%+ of Canadian adults are vaccinated,” Canada is a holdout in terms of heavy COVID-19 restrictions, calling for a plan for lifting them.
Freeland said she was “resolute” to end the “occupation” but that she would “never support negotiating with those who hold our democracy hostage. No good thing comes out of that,” according to the readout.
Freeland said the protests weren’t about a public policy issue and that most of the restrictions were imposed by “Conservative” provincial governments.
“We have to ensure Canada doesn’t enter a post-COVID, January 6th spiral,” she said in reference to the Jan. 6, 2021, riots at Capitol Hill in Washington, D.C.
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