Mr. Speaker, this is not political rhetoric that I put in front of the House. These are solid facts and figures. According to the auditor general's report, this is the crux of the matter which was discussed and recommended by the auditor general.
In 1994 the industry committee of the House asked for cost benefit analysis and a complete review of the system because the system was not achieving its objectives. It was not doing what it was supposed to do. Going through the details of this act, as well as going through the auditor general's report, I am convinced that this act does more harm than good under present circumstances.
This act was introduced in 1961 to help small businesses, not big financial institutions or banks. This act was introduced so that small businesses, which are creating the jobs and are the backbone of this country, could be promoted. Unfortunately this act has failed small businesses because it was not properly designed. There are many things that need to be improved in this act.
Based on the facts, there is room for improvement and modifications to the act. The act should be changed so that it meets the requirements of small businesses and not create hindrances and obstacles to small businesses.