Mr. Speaker, with respect to the equalization payment, as the hon. gentleman will know, this is about a $10 billion program. It will be rising by $1.5 billion over the next five years and 45% of the benefit of that program flows to the province of Quebec. Quebec is the largest single beneficiary of Canadian equalization.
With respect to securities regulation, I would correct the hon. gentleman. The wise persons' committee did not recommend a federal solution. It recommended a single Canadian solution.