That's excellent. That answers my question.
We are told that there are agreements. However, since the Government of Canada has not negotiated with the credit card companies and there are no so-called agreements, despite the government's deceitful claims to the contrary, you have no role in enforcing them. I understand that.
I'm going to ask the representatives of the Competition Bureau Canada the following question.
Representatives of credit card companies came here this week and said that, if interchange were regulated, as the Competition Tribunal suggested, it would be a disaster for the banking system.
I checked what was being done in English-speaking countries that have credit cards similar to those in Canada. Here is what I found. Since 2003, the Australian government has had caps on interchange fees. Recently, in 2022, New Zealand introduced a regulatory and legislative cap on interchange fees. In the U.K., after Brexit, they kept the European rules, which cap credit card interchange fees as well as debit card fees. My Liberal colleagues alluded to the United States, where, in 2011, the Federal Reserve strongly suggested that these fees be capped.
Can you confirm that it would be possible for the federal government to impose regulations capping interchange fees without wreaking havoc on the Canadian banking system and that this could be a good solution to excessively high interchange fees?