I think that's one of a number of different things that would contribute to strengthening our profile as an international actor. I know there are complexities involved in creating a national securities regulator and I know we haven't had any disasters because of the lack of one, but in terms of our international perception that would be an important thing.
But let me make another point. One of the things Barack Obama has done that most people outside the United States haven't noticed is that he has invested quite substantially in the State Department. He's appointed Hillary Clinton, his principal rival, his principal contender for the Democratic nomination, as the Secretary of State and he has increased the budget for that department quite substantially.
We're moving into a world where this concept of smart power and the role of diplomacy is going to become ever more important. With all respect, successive Canadian governments over the course of the last couple of decades have substantially reduced the amount of financial support going to the Department of Foreign Affairs.
One of the things your committee might do is say that in conjunction with what's happening in Washington, we should be making a very strong case in Ottawa to step up the financial support for the Department of Foreign Affairs so we can play that partnership role in a truly effective way. That doesn't mean we should necessarily take money away from another department like the Department of National Defence, but we've been under-supporting Foreign Affairs and it will cost us severely as our chief partner moves into the smart power framework in the years ahead.