NDP Leader Avi Lewis issued the following statement:

The federal government’s proposed “Defence, Security and Resilience Bank” sounds technocratic and reassuring. It’s not. This is an international war bank to be located in Canada. It will further the militarization of our economy, and it’s a major development that deserves a thorough public debate.

Like the Prime Minister’s Sovereign Wealth Fund, this bank will use public money to subsidize private profits – in this case, the profits of wealthy weapons contractors. We take on the risk, they reap the rewards.

The structure of the bank also dangerously sidesteps transparency and democratic scrutiny. Decisions about military procurement, spending and financing ought to be made with the full view of Parliament, not in the boardroom of a new, shadowy financial institution.

Further, this bank will bind Canada even more tightly to the US finance and military-industrial complex. JPMorgan Chase is playing a leading role in the establishment of the DSRB, and likely clients include American military giants like Lockheed Martin, General Dynamics and Raytheon. This directly contradicts Prime Minister Carney’s election pledge that Canada will reduce our American military integration, not expand it.

And finally, this federal government is doubling down on the global war economy while implementing deep cuts to the public services that make Canada truly safer and more secure for all. Food inspectors, climate scientists and farming researchers are all losing their jobs under the Carney government’s cuts. To the Liberals, there is no money for social and economic development, but unlimited funds for weapons and war.

Canada needs a modern and well-equipped military. But we do not need a war bank that will further enrich companies, especially American ones, that profit from death, destruction, and global instability.

This is an important question of priorities, and New Democrats will continue to advance priorities that put Canadians first – not the corporate coffers of weapons contractors.