Madam Speaker, I thank the hon. member for his question. I, at committee, and our party, in the House, did support that amendment.
While the government talks about wanting to encourage competition, to encourage the credit unions and the co-operative movement to compete more fully with banks, this is only a half-hearted initiative by the government to enable the credit unions and co-operative movement to do so.
The fundamental tenet of the co-operative movement is very different from that of the banks. There is a democratic cornerstone to the co-operative movement that is not reflected in the government's failure to support that very important amendment, which would allow credit unions and the co-operative movement to compete more fully and at the same time not have to betray the principles of democratic management which have been a tenet of the co-operative movement since its inception in Canada.
I would suggest that it was a significant mistake for the government not to support the credit union and co-operative movement more fully by recognizing the importance of that movement and allowing and in fact supporting that amendment which would have made a huge difference in a realistic sense.