Extended interswitching is a policy for more rate regulation—cost-based rate regulation—so that undermines our ability to generate revenues to invest. That's not a recipe for success in Canada's supply chains; that's the problem with it. The rail industry is a very capital-intensive industry. We invest about 20% of our revenues into capital every year, which works out to billions of dollars that gets invested into capacity-enhancing infrastructure and into safety, which are very important for the future success of Canada's supply chains.
On May 18th, 2023. See this statement in context.