Joe Oliver replaces Jim Flaherty as federal finance minister

NEWS CON FIN MIN JOE OLIVERPRIME Minister Stephen Harper on Wednesday appointed Joe Oliver as the federal finance minister. Oliver was minister of natural resources.

Oliver replaced Jim Flaherty who resigned on Tuesday from Cabinet and will be returning to the private sector.

Oliver was elected to the House of Commons for the first time in May 2011 and was appointed minister of natural resources. Prior to his election to Parliament, Oliver had a career in the investment banking industry. He began his investment banking career at Merrill Lynch, and served in senior positions at other investment dealers and as executive director of the Ontario Securities Commission. He was then appointed president and chief executive officer of the Investment Dealers Association of Canada.

Oliver also played a prominent role as chair of the advisory committee of the International Council of Securities Associations and as chair of the consultative committee of the International Association of Securities Commissions. A graduate of the Directors Education Program at the Rotman School of Management, he was also a member of the Canadian Institute of Chartered Business Valuators and sat on the board of the Canadian Securities Institute Research Foundation.

Oliver obtained both his Bachelor of Arts and Bachelor of Civil Law at McGill University. He was called to the Quebec Bar and later graduated with an MBA from the Harvard Graduate School of Business.

Harper also appointed Greg Rickford as minister of natural resources. He will continue his responsibilities for the Federal Economic Development Initiative for Northern Ontario.

Ed Holder was appointed minister of state (science and technology).


HARPER announced Flaherty’s resignation on Tuesday.

He said: “In a political career of almost 20 years, Minister Flaherty has exemplified the best qualities of those who enter public life: a true commitment to service, and a sincere desire to leave the country in better shape than it was when he entered politics.

“Canada has benefited immensely from Minister Flaherty’s contributions as one of the longest serving Finance Ministers in our history. Since 2006, he has been a steady hand, ably guiding Canada through the most challenging economic times since the Great Depression and gaining the country a solid global reputation for economic management.

“We emerged from the crisis in a position of strength. Today we lead the G-7 in job creation, Canada is recognized as one of the best places in the world to do business, and we are fulfilling our commitment to keep taxes low. And, thanks largely to Minister Flaherty, our Government will balance the budget by 2015, as we promised to do.”


FLAHERTY in a statement on Tuesday said: “As many of you know, I faced a health issue over this past year. I have received much support and good wishes from Canadians across the country and for that, I am thankful. I am happy to report that I am on the road to a full recovery and the decision to leave politics was not related in any way to my health. This decision was made because it is the right one for me and my family at this time.”