Today, OSFI, the Office of the Superintendent of Financial Institutions has announced further regulations, adding a stress test to uninsured mortgages or, as they are sometimes called, portfolio mortgages, with which you have a down payment of 20% or more. These coupled with changes to the tax-free savings account and, whether or not the government proceeds with them, the proposed changes to passive investments to me bode a very difficult challenge, because the traditional tools that Canadians have used, whether those be tax-free savings accounts, a home, or a business, to actually be able to build equity, which actually creates social mobility, I think, are really at stake.
I have to ask both chambers specifically about passive investments. The changes that the government has proposed would raise the rate significantly, in effect, in some cases, causing businesses to change their behaviours and prepare for neither the rainy days in which the economy turns down nor those times when the economy is hot, or to capitalize on them effectively and take hold of opportunities that open up. Are you concerned that the government needs to address the area of passive investments in particular?