Mr. Speaker, in his February 16, 1994 letter to the then President of the Privy Council, former Quebec premier Daniel Johnson wrote, and I quote: "The Government of Quebec has never been in favour of a greater federal role in the securities industry, which is an area of exclusive provincial jurisdiction. On the contrary, it has regularly expressed its opposition to federal initiatives in this area".
My question is for the Minister of Finance, since the secretary of state is not taking this seriously. Can the minister, who knows Quebec well, deny that the establishment of a federal securities commission would go against Quebec's position and marginalize the Quebec institutions working in this area, while reducing their ability to intervene?