With respect to the senior advisory committee, we're an advisory committee to the Minister of Finance. There are five principals on this committee. This is not a huge, complex, cumbersome organization. We deal with whatever the members of this committee feel is important for the Minister of Finance and the financial sector at any moment in time.
I wasn't Deputy Minister of Finance through most of the crisis, but the committee responds in almost real time to whatever is happening in the financial sector and does what it has to do. You could put the five people in a minivan. You also have to understand that there is more than the SAC. Our regulatory system is not as complex as those in the United States or the U.K. We have the financial institutions supervisory committee, which is legislated and chaired by the superintendent.
The Department of Finance is on that committee. The CDIC is on it. We're all there on it. I sit on the Board of Governors of the Bank of Canada. I'm a member of the board at the CDIC. The ongoing interaction between the institutions responsible for the financial sector are taking place day in and day out at low levels and at the most senior levels of the government.
We could sit down and do a terms of reference for SAC, but the terms of reference, at the end of the day, would say that in this committee we will deal with whatever the committee members think is really important for the financial system in Canada--and we will do that. We looked at it, and our judgment was that we don't need to write terms of reference to do what we think is the right thing.