Jay Aspin

[Financial System Review Act, March 27th, 2012]

Madam Speaker, as the member indicated in his previous question, the legislation would improve the process of foreign acquisitions by banks.

In addition, this legislation would update financial institutions legislation, would fine-tune consumer protection and would improve efficiency by reducing the administrative burden. As a package, in addition to the function the member mentioned, this is a first-class package to keep Canada's banking system competitive and continue to attract jobs, like the more than 610,000 jobs, as we mentioned, in Canada.

[Financial System Review Act, March 27th, 2012]

Madam Speaker, that certainly is one mechanism that could provide input, but speaking specifically to this particular bill, we would like to move ahead with this bill because we have gained in excess of 30 deputations on behalf of various groups in this review. This review, as members know, is mandatory and it takes place every five years. I am comfortable that the process in place will give us the fruitful requirements we need for regulation and to maintain the banking stability in Canada.

[Financial System Review Act, March 27th, 2012]

Madam Speaker, I am pleased to speak to the third and final reading of the financial system review act, Bill S-5.

I will begin by saying that Bill S-5 is important to the strength of Canada's financial system and I will briefly describe how it came about.

Every five years, the government conducts a review of the policy framework governing federally regulated financial institutions. The previous legislation review was completed in 2007. The present five year review was launched in September 2010 when the finance minister invited Canadians to share their views on improving our financial system by way of an open consultation process. This five year review process helps guarantee Canada keeps its status as a global leader in financial services and it maintains the soundness of the sector.

A key priority for our Conservative government is ensuring Canadians keep on having a strong and secure financial system and one that serves as a model for countries around the globe. Today's bill would ensure that continues to be the case. In fact, the World Economic Forum recently ranked Canada as having the soundest banks in the world for the fourth year in a row. Both in Canada and internationally, this strength has been widely recognized by independent observers.

Peter Worthington, noted Toronto Sun columnist, declared:

Canada’s banking system is now widely recognized as arguably the world’s best. No Canadians fear for their deposits as many Americans do.

An Ottawa Citizen editorial reads:

Our banking and financial system is the envy of the world. While the great money edifices of countries such as the U.S., Britain and Switzerland cracked at the beginning of the recession, Canadian banks stood firm.

However, as I mentioned earlier, this recognition stretches well beyond Canada's shores, as it is repeated around the globe.

David Cameron, Britain's prime minister, has heralded our system by saying:

In the last few years, Canada has got every major decision right. Look at the facts. Not a single Canadian bank fell or faltered during the global banking crisis. ... Your economic leadership has helped the Canadian economy to weather the global storms far better than many of your international competitors.

The Irish Times has applauded it by saying:

Canada’s policy of fiscal discipline and strict banking supervision was a reason why it was one of the world’s strongest performers during the recession.

The Economist, the renowned magazine, has recently asserted that “Canada has had an easier time than most during the recently global recession, in part, because of a conservative and well-regulated banking system”.

The financial ratings agency Fitch, when reviewing Canada's top tier AAA credit rating, focused its assessment on the fact that “Canada's banks proved more resilient than many peers thanks to a conservative regulation and supervision environment.

I share and welcome that high praise.

Furthermore, the financial services sector has a significant role in the health of the Canadian economy. Not only does it represent 7% of Canada's GDP, it is also responsible for over 750,000 good, well-paying jobs. It also plays a distinctive, indispensable function in fuelling the growth, nurturing financial stability and safeguarding savings, all of which are necessary for the success of Canada's economy.

Today's bill would contribute to the continued strength of Canada's financial system. Indeed, the mandatory five year review that shaped today's bill is key to helping set apart Canada from almost all other countries. This practice makes certain that the laws governing our financial system are reviewed and updated on a regular basis, ensuring they are responsive to an ever-changing global marketplace.

In a similar vein, the global financial crisis of the past few years has underlined why a stable and well-functioning housing market is necessary for the financial system and overall economy.

While Canada's financial system remains sound, well-capitalized and less leveraged than its international counterparts, our government proactively acted to bolster the stability in our housing market by adjusting our mortgage insurance guarantee framework. This included reducing the maximum amortization period for government-backed insured mortgages with loan-to-value ratios greater than 80% from 35 years to 30 years.

As well, we withdrew government insurance from home equity lines of credit and lowered reduced borrowing limits in refinancing.

Independent observers and economists have roundly applauded such adjustments. For instance, a recent Waterloo Region Record editorial said, “The federal government has done the right thing in tightening up the rules for mortgages in this country”. A Calgary Herald editorial added, “...the right direction...it is good to see the government continue to be vigilant on this file”.

Without a doubt, our Conservative government is working hard renewing many key fundamentals of our financial system and strengthening it with new tools.

Through the financial system review act, we are modernizing, fine-tuning and harmonizing the existing framework to ensure it keeps the high level of performance. Canadians know and understand that the present framework that has made our financial system the soundest in the world functions well.

That is why the financial system review act seeks to build on, not rebuild, that solid foundation with a proposed legislative package that includes measures to: better focus financial institutions legislation to support financial stability and guarantee Canada's financial institutions keep operating in a competitive, effective and stable environment; fine-tune the consumer protection framework, including further improving the Financial Consumer Agency of Canada's powers; and reduce the administrative red tape on financial institutions to enhance efficiency and add regulatory flexibility.

Other measures contained in today's bill include: increasing the capability of regulators to effectively share information in a timely manner with international counterparts while respecting privacy laws; guaranteeing the right to cash government cheques under $1,500 free of charge at any bank in Canada to all Canadians; enabling co-operative credit associations to provide technology services to a broader market to promote competition and innovation; and much more.

I am happy to note that many public interest groups have given their strong endorsement of today's bill. For instance, the Canadian Life and Health Insurance Association declared:

It is important that legislation be periodically reviewed so that it keeps up with the changing environment.

The industry welcomes a number of measures outlined in...[the financial services review act].

Today's bill would strengthen stability in the financial sector, improve the consumer protection framework and modify the regulatory framework to new developments. It provides for a renewed structure that will benefit all Canadians.

We recognize that, to remain a global model of stability and ensure the soundness of the financial sector for all Canadians, routinely reviewing what regulatory changes are necessary to foster competitiveness is essential.

The financial system review act upholds the long-standing tradition of ensuring standard reviews of the regulatory framework for financial institutions to keep a stable and secure financial sector. For that reason, I urge all members to support for all Canadians today's bill and the continued safety and security of our shared financial system.

[Mattawa Voyageur Days, March 12th, 2012]

Mr. Speaker, today I want to recognize the continued success of the Mattawa Voyageur Days festival in my riding of Nipissing—Timiskaming. For the fifth year in a row, Mattawa Voyageur Days has been named one of the top 100 festivals in the province by Festivals and Events Ontario.

Voyageur Days includes many exciting events, including regional talent night, the lumberjack competition, canoe races, performances by noted Canadian musicians and a choreographed fireworks show that should not be missed. This year marks the 15th anniversary of Voyageur Days. Festival organizers expect to see 35,000 visitors and locals attending events in July.

I want to congratulate the community of Mattawa on organizing this festival and sharing its beautiful town with festival goers each year. I am proud to represent the community leaders in Mattawa who make Voyageur Days a success. I encourage all who are able to attend the festival to do so.

Folks should get their wristbands early.

[Natural Resources, March 5th, 2012]

Mr. Speaker, our government's top priority remains jobs and economic growth. Booming Asia-Pacific economies have shown great interest in our natural resources. In fact, there is $500 billion in potential investments in our resources sector that will create hundreds of thousands of jobs. Our regulatory system can be duplicative, inefficient and excessively lengthy.

Could the parliamentary secretary update the House about what our government is doing to reform the system in order to grasp Canada's full potential?

[Petitions, February 29th, 2012]

Mr. Speaker, I wish to present a petition on behalf of a number of my constituents in Nipissing—Timiskaming to amend section 163.1 of the Criminal Code to acknowledge the need for more severe sentences for criminals producing sexually exploitive material involving children.

The constituents who have signed this petition are requesting that Parliament enact legislation that changes the legal terminology in section 163.1 from “child pornography” to “child sex abuse materials” and that stronger mandatory minimum sentences be enacted in order to protect children, deter pedophilia and ensure that justice is delivered to those who merit a punishment.

I support this petition.

[Aboriginal Affairs, February 15th, 2012]

Mr. Speaker, our government has been working hard to ensure the health and safety of the people of Attawapiskat. We have called on the chief and the council to work with us and a third party manager to ensure funds flow quickly for essential services and to prepare lots for the modular homes.

Could the minister update the House on the status of these efforts and the important role the third party manager is playing in securing safe, warm shelter and delivering essential services for the people of the community?

[Ending the Long-Gun Registry Act, February 13th, 2012]

Mr. Speaker, clearly, that is the case. I sit on the committee that has closely scrutinized the legislation for the past number of months. The registry is ineffective. It is inaccurate. That is why we do refer to it as being wasteful and ineffective. Not only that, it has wasted $2 billion of taxpayers' money. Clearly, criminals do not register firearms. In addition, the registry is clearly redundant. We have a licensing process in place which we are going to keep to ensure safety.

As I said in my remarks, the registry really has not saved a single life in all the years it is has been in existence. It has been a total waste of taxpayer money.

[Ending the Long-Gun Registry Act, February 13th, 2012]

Mr. Speaker, law-abiding citizens are those hunters and enthusiasts who enjoy the sport. Why target these law-abiding citizens? We should be targeting criminals, those who commit crime, not those who follow the law. The $2 billion the registry cost has simply been a waste of money. It has not targeted criminals.

[Ending the Long-Gun Registry Act, February 13th, 2012]

Mr. Speaker, I will be sharing my time with the member for Don Valley West.

I am pleased to rise today to debate Bill C-19, the ending the long gun registry act. I am so pleased to speak to this bill, because frankly, our government's taking the steps to end the wasteful and ineffective long gun registry is an important reason that I am here today. My constituents in Nipissing—Timiskaming are good salt of the earth people. They work hard, pay their taxes and raise their families. All they ask from their government is to allow them to quietly enjoy the fruits of their labour and to protect them from those who wish to do harm to law-abiding Canadians.

The long gun registry is the antithesis of that statement. It is the ultimate depiction of the nanny state in Canada.

Most of my constituents have never had any experience with the criminal justice system, save a speeding ticket or two. They are largely law-abiding Canadians. This may come as a shock since I come from a rural area, but some even have the temerity to own firearms. Some of them like to hunt and participate in sports shooting. They are harming no one and yet, thanks to the previous Liberal government, they are made to feel like criminals. They are required to submit to a rigorous process to register their firearms, which has never been proven to stop a single crime or save a single life. How could it? The registry by design only targets those who are predisposed to following the law and regulations. Do people think murderers, gangsters and drug dealers are going to be too concerned with filling out some paperwork to ensure that the guns they are using for their next drive-by shooting conforms to all legal standards? Obviously not. To assume so is patently ridiculous.

No, the only people who this was ever meant to target are law-abiding hunters, farmers and sports shooters. On this side of the House, we do not believe we should be focusing our scarce resources on targeting those who are predisposed to comply with the law. We believe we should go after criminals. I am not sure whether it was through negligence, incompetence or malfeasance that we were cursed with the long gun registry. The justice minister at the time, Allan Rock, said that it was his firm belief that only police and the military should have firearms. That should tell us all we need to know, but I digress.

I said earlier that one of the reasons I am here is our Conservative government's position on the long gun registry. I would like to expand on that. My Liberal predecessor, Mr. Anthony Rota, was told by his political bosses that he had to listen to them over the wishes of his constituents or he would be in big trouble. I guess the folks back home had some other ideas. He betrayed his constituents, something I will not do.

What is troubling is that rather than learning from the poor example set by the Liberals, the NDP seems to be following them down this terrible path. Member after member is flip-flopping and turning his or her back on constituents in order to listen to the big union bosses in the office of the Leader of the Opposition. First, the member for Timmins—James Bay flipped over even though he said the registry was useless. He was the original flipper dipper.

The member for Skeena—Bulkley Valley wants to be the leader of his party and maybe even prime minister some day. He cannot even manage to keep a promise to the hunters in his northern riding. He flip-flopped and voted with the big bosses over the little guy.

Last but not least is the member for Western Arctic. If there is any riding in the country where people have been up in arms about the long gun registry, it is in the beautiful Northwest Territories. The member even said in an all candidates debate last spring, “Vote for me or vote for the Conservatives. It is the same. We will bootstrap the registry”. Unbelievably, mere months after voters put their trust in him, he smugly turned his back.

Greg Farrant of the Ontario Federation of Anglers and Hunters, OFAH, had it right when he said that the NDP MPs “have abandoned their principles” and “betrayed their constituents”.

I hope the gentlemen I have just mentioned will take a lesson from the courage and conviction of the members for Thunder Bay—Superior North and Thunder Bay—Rainy River and stand up and vote the will of the people, even if it means the big bosses coming down on them like a ton of bricks.

I would encourage all hon. members to vote to stop the $2 billion boondoggle, vote to stop the unnecessary targeting of law-abiding hunters, farmers and sports shooters, vote to focus our crime-fighting efforts on things that make us really safe and not on things that only make us feel safe. I ask members to stand with me, the Conservatives and the Prime Minister and vote to end the wasteful and ineffective long gun registry once and for all.