Thank you very much, Mr. Powell.
I wish to congratulate Mr. Boychuk for his very refreshing and candid comments. He said in a very distinct and straightforward way: “It's not happening.” Such honesty is quite refreshing, and I thank him. That is exactly what we feel. This is part and parcel of the committee's analysis.
As I have only two minutes, I will now turn to Ms. Walmsley, with whom I would like to have a brief exchange. To her mind, the federal government could do a better job of regulating securities. She is certainly aware of the Vincent Lacroix case, in Quebec. Mr. Lacroix is serving a prison sentence of more than 10 years. His case is still before the courts, where it has yet to be determined whether his sentence will last 8, 10 or 12 years. It is the duration of the sentence that is being appealed, not the sentence itself. He was convicted on charges laid by the Autorité des marchés financiers du Québec. Vincent Lacroix is literally facing thousands of criminal charges. Yet, as regards the criminal charges that fall within federal jurisdiction, the first day of the first trial for the first charge has yet to occur.
I would like to know what makes Ms. Walmsley believe that the federal government could be doing a better job in this regard. In the sponsorship scandal, each one of the legal actions that led to a prison sentence and convictions was brought by the Province of Quebec. This was not the outcome in any of the proceedings instituted by the federal government in the sponsorship scandal.
I could draw up a long list of many similar cases where the federal government shows total incompetence in enforcing existing laws, be they provisions of the Criminal Code or the Competition Act, which both fall within federal jurisdiction. At this committee, we have heard from representatives from the famous Office of the Superintendent of Financial Institutions, which does nothing.
I'd simply like to know what makes you believe that the federal government is doing a better job. What is the basis for this bias?