Mr. Speaker, I rise in the House today to congratulate my hon. colleague, the Secretary of State for Financial Institutions, for the proposals released in his white paper.
By ensuring that supervisory and regulatory systems governing financial institutions are brought up to date, the Government of Canada will ensure the system is more effective. We will continue to have the confidence of the Canadian people as they will have greater access to information and a fiscally responsible method of ensuring that their rights as financial consumers are protected.
By addressing those elements of our financial system that need closer scrutiny and by preserving those aspects that have served Canadians well, the proposals outlined in the white paper will build on the positives and minimize the negatives.
I applaud the call for enhanced disclosure of financial information, earlier intervention in problem institutions, increased protection for policy holders and a stronger framework within which systemic risk will be controlled.
These proposals will work to strengthen Canada's financial system and demonstrate our government's commitment to the financial security and well-being of its citizens.