The '''Committee on Monetary and Economic Reform''' (COMER) is a Canadian economics-oriented think tank, publishing house, and education centre based in [[Toronto]], Ontario.<ref name=":1">{{Cite news|title = Renowned Toronto lawyer brings unusual case to change the way Canada's central bank operates.|url = https://www.thestar.com/news/canada/2015/03/23/rocco-galati-in-court-to-challenge-how-bank-of-canada-does-business.html|newspaper = The Toronto Star|date = 2015-03-23|access-date = 2016-02-23|issn = 0319-0781|first = Les|last = Whittington}}</ref> Founded in 1988, the organization advocates for [[monetary reform]], criticizing what it views as Canada's abandonment of [[monetary sovereignty]].

== History == COMER was co-founded in 1988<ref name="Francis">{{Cite book |last=Francis |first=George |url=https://www.google.com/books/edition/Striving_for_Environmental_Sustainabilit/r_NJDAAAQBAJ?hl=en&gbpv=1&dq=%22Committee+on+Monetary+and+Economic+Reform%22+advocacy+research&pg=PA176&printsec=frontcover |title=Striving for Environmental Sustainability in a Complex World: Canadian Experiences |date=2017-01-18 |publisher=UBC Press |isbn=978-0-7748-3141-3 |language=en}}</ref> by [[William Krehm]]<ref name=":0">{{Cite news|title = He has participated in some of the most important events of the 20th century. Now, at 93, William Krehm is preparing for one final march unto the breach.|url = https://www.thestar.com/news/2008/05/17/toronto_revolutionary_93_girds_for_one_more_battle.html|newspaper = The Toronto Star|date = 2008-05-17|access-date = 2016-02-23|issn = 0319-0781|first = Brett|last = Popplewell}}</ref> and economist [[John Hotson]] amid concern about Canada's "[[Credit theory of money|debt-based monetary system]]," which they argued was unsustainable.<ref>{{Cite web|url=http://www.comer.org/content/About_COMER.pdf |title=About Comer |author=<!--Not stated--> |website=Comer.org |publisher= |access-date=December 5, 2017}}</ref> Responding to rising interest rates, [[Monetarism|monetarist]] economics,<ref>{{Cite book |last=Boyle |first=David |url=https://www.google.com/books/edition/The_Money_Changers/TCxACwAAQBAJ?hl=en&gbpv=1&dq=%22Committee+on+Monetary+and+Economic+Reform%22+1980s&pg=PA47&printsec=frontcover |title=The Money Changers: Currency Reform from Aristotle to E-Cash |date=2015-12-22 |publisher=Routledge |isbn=978-1-134-20806-7 |language=en}}</ref> and a "zero inflation" campaign,<ref>{{Cite book |last=Lavoie |first=Marc |url=https://www.google.com/books/edition/Central_Banking_in_the_Modern_World/QwQNop941fIC?hl=en&gbpv=1&dq=%22Committee+on+Monetary+and+Economic+Reform%22+zero+inflation&pg=PA117&printsec=frontcover |title=Central Banking in the Modern World: Alternative Perspectives |last2=Seccareccia |first2=Mario |date=2004-01-01 |publisher=Edward Elgar Publishing |isbn=978-1-78195-869-8 |language=en}}</ref> the organization proposed alternative systems.<ref>{{Cite book |last=Ghauri |first=Shahid M. K. |url=https://www.google.com/books/edition/The_Rightful_Way_of_Banking/gfymBgAAQBAJ?hl=en&gbpv=1&dq=%22Committee+on+Monetary+and+Economic+Reform%22+alternative&pg=PA43&printsec=frontcover |title=The Rightful Way of Banking |last2=Masood |first2=Omar |date=2015-02-05 |publisher=Cambridge Scholars Publishing |isbn=978-1-4438-7524-0 |language=en}}</ref> The policy-oriented think tank<ref name="Francis"/> advocates for 100% reserve banking like the [[Chicago Plan]].<ref>{{Cite book |last=Phillips |first=Ronnie J. |url=https://www.google.com/books/edition/The_Chicago_Plan_New_Deal_Banking_Reform/GuLRy4aZ4mIC?hl=en&gbpv=1&dq=%22Committee+on+Monetary+and+Economic+Reform%22+advocacy&pg=PA187&printsec=frontcover |title=The Chicago Plan & New Deal Banking Reform |date=1994-12-15 |publisher=M.E. Sharpe |isbn=978-0-7656-3267-8 |language=en}}</ref>

== Organization == As of 2015, Ann Emmett was the chair of the organization.<ref name=":1" /> COMER argues for a [[mixed economy]] and changes in monetary policy through what it argues is the mandate under the ''[[Bank of Canada Act]]''.

The group's research and publications focus on [[monetary sovereignty]], the central bank mandate, and the relationship between government debt and [[money creation]].<ref>{{Cite book |last=Badcock |first=Gary D. |url=https://www.google.com/books/edition/God_and_the_Financial_Crisis/_CD5DAAAQBAJ?hl=en&gbpv=1&dq=%22Committee+on+Monetary+and+Economic+Reform%22&pg=PA139&printsec=frontcover |title=God and the Financial Crisis: Essays on Faith, Economics, and Politics in the Wake of the Great Recession |date=2016-02-08 |publisher=Cambridge Scholars Publishing |isbn=978-1-4438-8837-0 |language=en}}</ref> COMER is part of a resurgence of interest in fundamental financial reform.<ref>{{Cite book |url=https://www.google.com/books/edition/Southern_Economic_Journal/9dVYAAAAYAAJ?hl=en&gbpv=1&bsq=%22Committee+on+Monetary+and+Economic+Reform%22+fundamental&dq=%22Committee+on+Monetary+and+Economic+Reform%22+fundamental&printsec=frontcover |title=Southern Economic Journal |date=1988 |publisher=Southern Economic Association |language=en}}</ref>

== Core positions == COMER claimed that the Bank of Canada is mandated under the Bank of Canada Act to provide debt-free support for public projects undertaken by federal, provincial and city governments, as it did from its foundation in 1935 to 1974.<ref name=":1" />

The organization argues Canada's decision to join the [[Bank for International Settlements]] (BIS) required the country to abandon direct government financing by its central bank. COMER argues this change transferred control of Canada's monetary policy from domestic institutions to "secret" deliberations of the private foreign bankers at the BIS.<ref name=":1" />

== Lawsuit against Bank of Canada ==

=== Initial lawsuit (2011-2013) === [[File:Bank of Canada Facade.jpg|thumb|Bank of Canada Facade]] In 2011, COMER brought a lawsuit against the Canadian government,<ref name=":0" /><ref name=":1" /> represented by [[Rocco Galati]].<ref name=":1" /><ref>{{Cite web|title = Meet the lawyer who's suing the Bank of Canada to loan out free money|url = http://www.cbc.ca/news/business/rocco-galati-challenges-bank-of-canada-to-offer-interest-free-loans-1.3065650|website = CBC News|access-date = 2016-02-23}}</ref> The legal action argued the country had unconstitutionally ceded its monetary sovereignty to foreign banking interests and sought the return of the Bank of Canada's pre-1974 direct government lending. However, on August 9, 2013, Prothonotary Kevin R. Aalto struck COMER's claim without leave to amend, though no costs were awarded against the organization.<ref name=":5">{{Cite web|title = Committee For Monetary v. Canada, 2013 FC 855 (CanLII) |url = https://www.canlii.org/en/ca/fct/doc/2013/2013fc855/2013fc855.html|website = Canadian Legal Information Institute|access-date = 2016-03-24}}</ref>

=== Appeals process (2014-2017) === Despite the initial setback, COMER pursued multiple levels of appeal. In 2014 Federal Court Judge Russell ruled that the original claim should be struck entirely but granted leave for COMER to amend the claim.<ref name=":6">{{Cite web|title = Committee for Monetary and Economic Reform (COMER) v. The Queen, 2014 FC 380 |url = http://decisions.fct-cf.gc.ca/fc-cf/decisions/en/item/72554/index.do#|website = Federal Court|access-date = 2016-11-09}}</ref>

Each party appealed different aspects of this ruling. On January 26, 2015, the Federal Court of Appeal heard the appeals, and dismissed both the appeal and cross-appeal without costs, giving COMER 60 days to file an amended claim.<ref name=":7">{{Cite web|title = Committee for Monetary and Economic Reform (COMER) v. The Queen, 2015 FCA 20 (CanLII) |url = http://www.canlii.org/en/ca/fca/doc/2015/2015fca20/2015fca20.html|website = Canadian Legal Information Institute|access-date = 2016-02-24}}</ref>

COMER filed an amended statement of claim on March 26, 2015. The Crown sought to have this new claim struck as well. Following arguments heard by Justice Russell on October 14, 2015, the court delivered a decisive ruling on February 8, 2016, striking COMER's amended claim in its entirety and refusing any further leave to amend. This time, costs were awarded to the Crown.<ref name=":8">{{Cite web |title=Committee for Monetary and Economic Reform (COMER) v. The Queen, 2016 FCA 147 (CanLII) |url=http://www.canlii.org/en/ca/fct/doc/2016/2016fc147/2016fc147.html |website=Canadian Legal Information Institute |access-date=2016-12-05 |url-status=dead |archiveurl=https://archive.today/20160817000336/http://www.canlii.org/en/ca/fct/doc/2016/2016fc147/2016fc147.html |archivedate=2016-08-17 }}</ref>

In his ruling, Justice Russell emphatically stated that COMER's arguments convinced him "that, for reasons given, they have no scintilla of a [[cause of action]] that this Court can or should hear."<ref name=":8" />

=== Final appeals (2016-2017) === Despite these setbacks, COMER continued its legal challenge. On March 3, 2016, the organization filed a notice of appeal with the Federal Court of Appeal.<ref name=":4">{{Cite web|title = COMMITTEE FOR MONETARY AND ECONOMIC REFORM ("COMER") ET AL v. HMQ ET AL|url = http://cas-cdc-www02.cas-satj.gc.ca/IndexingQueries/infp_RE_info_e.php?court_no=T-2010-11&select_court=T|website = Federal Court Proceedings|access-date = 2016-11-09|archive-url = https://web.archive.org/web/20160303192457/http://cas-cdc-www02.cas-satj.gc.ca/IndexingQueries/infp_RE_info_e.php?court_no=T-2010-11&select_court=T|archive-date = 2016-03-03|url-status = dead}}</ref> This appeal was heard on December 7, 2016, and was dismissed with costs awarded against COMER.<ref name=":9">{{Cite web|title= Committee for Monetary and Economic Reform (COMER) v. The Queen, 2016 FCA 312 |url=http://decisions.fct-cf.gc.ca/fca-caf/decisions/en/item/212978/index.do?r=AAAAAQAWQ29tbWl0dGVlIGZvciBtb25ldGFyeQE |website=Federal Court |access-date=2016-12-19}}</ref>

As a final measure, COMER filed an application for leave to appeal with the [[Supreme Court of Canada]] on February 1, 2017.<ref name=":10">{{Cite web |title=Committee for Monetary and Economic Reform (COMER) v. The Queen, |url=http://www.scc-csc.ca/case-dossier/info/dock-regi-eng.aspx?cas=37431 |website=Supreme Court |access-date=2017-04-18}}</ref> On May 4, 2017, the Supreme Court dismissed this application, effectively ending COMER's legal challenge.<ref name=":11">{{Cite web|title= Committee for Monetary and Economic Reform (COMER) v. The Queen, |url=https://scc-csc.lexum.com/scc-csc/news/en/item/5517/index.do |website=Supreme Court |access-date=2017-05-04}}</ref>

==See also== *[[American Monetary Institute]] *[[Chicago plan]] *[[Monetary sovereignty]] *[[Bank for International Settlements]]

==References== {{Reflist}}

==External links== * [http://www.comer.org/ COMER website]

[[Category:Political advocacy groups in Canada]] [[Category:Monetary reformers]] [[Category:Monetary reform]] [[Category:1988 establishments in Ontario]] [[Category:Think tanks established in 1988]] [[Category:Political and economic think tanks based in Canada]]