Joe Oliver has been tapped to replace Jim Flaherty as the federal finance minister.

Montreal-born Oliver, who represents the Toronto riding of Eglinton-Lawrence, was first elected to the House of Commons in 2011, and quickly became the minister of natural resources.

Before going into politics, Oliver spent decades working on Bay Street as an investment banker, starting his career with Merrill Lynch.

Oliver, 73, obtained his BA and a law degree from McGill University before obtaining an MBA from Harvard’s Graduate School of Business.

Oliver also served as the executive director of the Ontario Securities Commission, and the CEO of the Investment Dealers Association of Canada.

He also chaired the Advisory Committee of the International Council of Securities Associations and chair of the Consultative Committee of the International Organization of Securities Commissions.

In his personal time, Oliver is an active volunteer, and has served as chair of the Prostate Cancer Research Foundation and was a member of the board of Mount Sinai Hospital.

As the natural resources minister, Oliver championed Alberta’s oilsands development as opponents ramped up their campaign, hoping to influence U.S. President Barack Obama’s decision on the Keystone XL pipeline project.

Oliver also said increased development would attract billions of dollars in investment and create thousands of jobs for First Nations communities, who would be consulted on all projects "as it's our obligation to do so."

"We appreciate the concern that aboriginal peoples have for the land and for the water, because after all it's part of their traditional way of life and it's their livelihood, and we won't go ahead with projects which would prejudice that," Oliver said.

"But there is enormous opportunity, opportunity for transformational benefits for aboriginal people in the development of our resources provided they will be done responsibly."

Oliver is married and has two sons.