In response to the question asked by my colleague, Mr. Carrier, Mr. Macklem did reply that one of the major causes of these problems was the absence of a central organization in the United States, that enjoyed a broad overview. Yet, you are stating the contrary. There is a single commission, but it was unable to see what was going on and actually have a broad overview. The Securities Exchange Commission in the United States was unable to prevent the initial problem of subprime mortgages from occurring.
The government and the Department of Finance are both claiming that a single securities commission is the answer to the analysis of the problems we are having. You will admit that this is rather strange. In 2006, when there wasn't a recession on the horizon, the government had expressed its intention to create such a commission. It's rather specious to use that reason today.