Canada's finance minister has stepped down from his cabinet position and from elected office amid the WE Charity scandal.
Bill Morneau announced Monday evening during a press conference that he has resigned as federal finance minister and that he will also step down as MP for Toronto Centre.
The embattled finance minister cited the need for a fresh face in his position due to the length of time it will likely take for Canada's economy to recover from the COVID-19 pandemic.
"We must recognize that this process will take many years. It's the right time for a new finance minister to deliver on that plan for the long and challenging road ahead," he said during the press conference.
The Liberal Party became embroiled in controversy last month after multiple conflict of interest concerns were raised after the WE Charity was awarded a $30 million contract by the Government of Canada to administer the Canada Student Service Grant program. Concerns were brought forward after it was learned that the charity had previously paid more than $350,000 in speaking fees to Prime Minister Justin Trudeau's mother and brother.
Morneau was also found to have accepted travel expenses of over $40,000 from WE Charity. While one payment was reimbursed by Morneau over the course of the controversy, it became public that one of his daughters was directly employed by the charity, while another had spoken at multiple WE Charity events.
The Ethics Commissioner is currently investigating whether Trudeau and Morneau violated the Conflict of Interest Act.
In a statement issued not long after Morneau's press conference, Trudeau said he had accepted his resignation and would still be supporting the former finance minister going forward.
"Bill has announced that he will put forward his name as a candidate to be the next secretary general of the OECD [Organisation for Economic Co-operation and Development]," Trudeau said in his statement. "Canada will vigorously support his bid to lead this important global institution that will play a critical role in the global economic recovery."
Morneau has served as finance minister since 2015.
