Mr. Speaker, recently the industry committee and Canada's major banks agreed to a set of small business lending standards that will benefit all Canadians. This represents progress for the small business men and women in this country. It is an example of what can be accomplished when industry officials and federal politicians work together to achieve change.
Small business constituents can now insist their lenders adhere to a code of conduct. They can take advantage of an alternative dispute resolution system. They can take complaints to an internal ombudsman, and if they are still not satisfied they will now have access to an independent industry-wide ombudsman as well. Finally, every three months parliamentarians will see the banks' small business borrowing statistics. These standardized statistics will be our tool to monitor progress.
To paraphrase a famous quote, this is not the end of ensuring that the banks will live up to their responsibilities. It is not even the beginning of the end. But it is perhaps the end of the beginning. There is much to be accomplished.