Mr. Speaker, first, under the Constitution, unemployment is the responsibility of the Canadian government. There is no doubt of this. There was a constitutional amendment on this point in 1947 or 1949. It is our jurisdiction, and we share revenues with the provinces.
The unemployment insurance deficit, when we took over the government, was over $6 billion. We have reduced the deficit and now it makes good sense to build up a surplus for those days when we will need one to pay employment insurance to people who need it. This is simply good management.
As to providing a Canadian securities commission at the request of the provinces, I think, at least I hope that most of the provinces will want to participate in it, because it will mean investors will have far fewer forms than 10 or 12 to complete in order to obtain approval to sell bonds. With the broad flexibility I represent, any province not wishing to participate may do so.