03/18/2014 10:05 EDT | Updated 03/19/2014 04:59 EDT

Joe Oliver To Be Named Finance Minister Wednesday: Reports


Joe Oliver has been tapped to be Canada’s next finance minister, CBC News reports.

CTV News also mirrored news of the appointment, saying Oliver is expected to be officially named to the role in Ottawa on Wednesday.

Oliver, the MP for the Toronto riding of Eglinton-Lawrence, was elected to the House of Commons in May 2011. He was appointed the Natural Resources portfolio in the same month.

The Toronto MP has made noticeable headway in Stephen Harper's good books, travelling with the prime minister to Israel in January as well as accompanying him to Mexico for the so-called “Three Amigos” meeting in February.

Last January, Oliver underwent heart bypass surgery after a problem was detected during an annual checkup. Since then, the 73-year-old has been pushing several controversial projects, making multiple trips to Washington to lobby for various oil sands-related deals including the Keystone XL pipeline.

He made waves for calling B.C. pipeline opponents “foreign radicals” in 2012.

Prior to entering politics, Oliver groomed an extensive finance career in investment banking with Merrill Lynch and served as executive director of the Ontario Securities Commission. He is also the former CEO of the Investment Dealer’s Association of Canada.

The Montreal-born politician also has an extensive educational background: he holds a B.A. and law degree from McGill University as well as a MBA from the Harvard Graduate School of Business.

Earlier on Tuesday, Finance Minister Jim Flaherty announced his resignation from cabinet and outlined his intention to return to the private sector. The decision, Flaherty says, was not based on his on-going health issues.

“This decision was made because it is the right one for me and my family at this time,” said Flaherty in a statement.

Last year, it was revealed Flaherty was diagnosed with bullous pemphigoid, a rare skin condition that results in fluid-filled blisters near joints.

"I am on the road to a full recovery," said Flaherty about his condition on Tuesday.

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