Governor of the Bank of Canada facts for kids
Quick facts for kids Governor of the Bank of Canada |
|
|---|---|
.jpg) Tiff Macklem since June 3, 2020 |
|
| Bank of Canada | |
| Reports to | Minister of Finance |
| Seat | Ottawa, Ontario |
| Appointer | Board of Directors
with Governor in Council approval
|
| Term length | Seven years, renewable |
| Constituting instrument | Bank of Canada Act |
| Formation | 1934 |
| First holder | Graham Towers |
| Deputy | Senior Deputy Governor |
The Governor of the Bank of Canada (French: gouverneur de la Banque du Canada) is like the main boss of Canada's central bank, the Bank of Canada. This person also leads the bank's board of directors. The Bank of Canada Act says that the Governor and a Deputy Governor are chosen by the bank's directors. This choice also needs approval from the Canadian government.
Tiff Macklem is the current Governor. He started this important job on June 3, 2020.
Contents
What the Governor Does
The Governor of the Bank of Canada has some very important jobs. One key role is signing all the Canadian banknotes, which is the paper money we use every day.
The Governor also helps represent Canada on the International Monetary Fund. This is a big international group that helps countries with money matters around the world.
Past Governors of the Bank of Canada
Here is a list of all the people who have been the Governor of the Bank of Canada since it was created.
| No. | Name | Term |
|---|---|---|
| 1 | Graham Towers | 1934 – 1954 |
| 2 | James Coyne | 1955 – 1961 |
| 3 | Louis Rasminsky | 1961 – 1973 |
| 4 | Gerald Bouey | 1973 – 1987 |
| 5 | John Crow | 1987 – 1994 |
| 6 | Gordon Thiessen | 1994 – 2001 |
| 7 | David A. Dodge | 2001 – 2008 |
| 8 | Mark Carney | 2008 – 2013 |
| 9 | Stephen Poloz | 2013 – 2020 |
| 10 | Tiff Macklem | 2020 – present |
Senior Deputy Governors
The Bank of Canada also has a Senior Deputy Governor. This person works very closely with the Governor. The role of Senior Deputy Governor was created in 1970. Before that, other Deputy Governors shared these duties.
Here is a list of those who have held this important role.
| No. | Name | Term |
|---|---|---|
| 1 | John Robert Beattie | 1970 – 1971 |
| 2 | Gerald Bouey | 1972 – 1973 |
| 3 | R. William Lawson | 1973 – 1984 |
| 4 | John Crow | 1984 – 1987 |
| 5 | Gordon Thiessen | 1987 – 1994 |
| 6 | Bernard Bonin | 1994 – 1999 |
| 7 | Malcolm Knight | 1999 – 2003 |
| 8 | Paul Jenkins | 2003 – 2010 |
| 9 | Tiff Macklem | 2010 – 2014 |
| 10 | Carolyn Wilkins | 2014 – 2020 |
| 11* | Carolyn Rogers | 2021 – present |
Between the time Carolyn Wilkins left and Carolyn Rogers was named Senior Deputy Governor, Timothy Lane, another Deputy Governor, took on some of these duties, like signing banknotes.
See also
- Crown corporation
- Governor of the Bank of England (UK)
- Chairman of the Federal Reserve (US)
