Thank you, Mr. Chair.
Probably the best sound bite of the morning, I would suggest, is Mr. Johnson's indicating that “regulation is required when forces of competition fail”.
Mr. Protti, you indicated that there is competition. At least certainly you feel that way. There are hundreds of different bank packages available that consumers can look at, that they can choose from, that have many cost-saving measures in them. Why aren't the banks doing more to talk to people about these options? Why aren't they doing more to educate people?
I think people understand that there are fees for convenience. We understand that if we go to a convenience store, we'll pay more for our groceries than if we go to a grocery store. We understand that there is a fee for convenience. But why aren't the banks doing more to educate people about how to avoid paying fees and how to save their money?
I know it's certainly very attractive in the media to talk about how we want to help people save money. Isn't this a great area where the banks could be talking to people?