I would first like to thank you, Mr. Ste-Marie. You are always well informed when you analyze bills. I have known you a long time. I sat with you when I was parliamentary secretary to the minister of finance at that time.
I think the bill proposed by Mr. Singh talked about tackling the effects: price increases, or what you called price gouging.
What we want to do is tackle the cause: the lack of competition, which leads to these price increases. History shows that regulating prices is a complex undertaking. As you have seen, some countries have tried to do this. You talked about price gouging, which is the effect, when the cause is a lack of competition.
I think that all of the measures set out in Bill C-56, the fall economic update and budget 2022 are the best way of tackling the causes. We decided to focus on doing that, because that is really what we need to tackle.
With that said, we have incorporated a number of the suggestions in the bill introduced by Mr. Singh. For example, the penalties to which you referred will be reformed. There is also the legal criterion. It talks about intent and effect. That was taken from Mr. Singh's bill.
We are listening. I think we have demonstrated our goodwill and our desire to move forward. Bill C-56 is a step in the right direction. As you say, Government Business No. 30 allows you, as a committee, to look at these various aspects. There will then be the fall economic statement.
I think that when we have finished working on the three core areas, the Competition Act will bring us into the modern economy. We will have the tools we need to ensure more competition, better prices, and certainly more innovation in the Canadian market.