Mr. Speaker, my question is for the Minister of Finance.
In 1993 the Bank of Montreal wanted to buy the Harris Bank of Chicago. Under the American Community Reinvestment Act, U.S. regulators prevented the Bank of Montreal from closing the deal and getting a charter until the bank committed nearly $500 million for small business loans and community development.
In light of the record Canadian bank profits we are seeing on a daily basis, when will the minister introduce a community reinvestment act in Canada to make sure small business can access at fair rates capital they need desperately for their business?