Firstly, Mr. Macklem was making reference to regulating mortgage markets in the United States, and not securities regulation. He was right in saying that regulation in the mortgage market is highly fragmented in the United States, and that the problems being experienced there are a direct result of this fragmentation.
A lack of coordination and fragmented regulation of the mortgage market in the United States created the problem. That is a lesson we can learn. The American government is now setting up a mechanism to standardize mortgage market regulation.
Secondly, you are right in saying that even before the financial crisis, the federal government supported the creation of a single securities commission. The reasons which have been cited on many occasions, even as recently as in Budget 2007, include increased effectiveness, better protection for investors, and the possibility for Canada to speak with one single voice on the international stage. Based on our experience, the financial crisis would be one additional argument to justify this proposal.