That's the million-dollar question. Does it need to be done in the legislation? Do you need to reform the legislation, or are these the kinds of institutional safeguards that you can create in the actual practice of the bank?
A good example of where this isn't necessarily baked into legislation is with the Bank of Canada. If the Department of Finance decided to send a letter to the Governor of the Bank of Canada saying, “You must set interest rates in a certain way”, that would be like hitting the nuclear button. That would be a pretty serious breach of public trust.
The question then becomes whether you can design the arrangement of the Department of Finance, the Department of Infrastructure, and this bank outside of legislation, in a way that effectively creates that same sort of structure of making sure you have political independence. That's going to be the big question for this committee to think about going forward.