Bill Morneau has announced his resignation as finance minister, and will also step down as the MP for Toronto Centre, after meeting with Prime Minister Justin Trudeau earlier Monday.
"I met with the prime minister today to inform him that I did not plan to run again in the next federal election," Morneau told reporters Monday evening. "It has never been my plan to run for more than two federal election cycles."
Both Morneau and Trudeau are being investigated by Ethics Commissioner Mario Dion after the Liberal government gave WE Charity a $43.53-million contract to administer a $900-million student grant program despite both their families having close ties to the charity.
Morneau said he was not pushed out of government. He said it was time for a new finance minister to carry Canada forward as it continues to battle the economic realities of the pandemic.
"Since I'm not running again, and since I expect that we will have a long and challenging recovery, I think it's important that the prime minister has by his side a finance minister who has that longer term vision," Morneau said. "That's what led me to conclude during this time period that it's appropriate for me to step down."
And in another surprise, Morneau said he wants to continue to serve and is putting in a bid to be the next secretary general for the Organization for Economic Co-operation and Development (OECD).
He remains finance minister until a successor is appointed to replace him.