Mr. Speaker, any new system would respect regional differences in Canada.
In the course of the past year, we have had to deal with the non-bank backed, asset backed commercial paper issue. It is not yet finalized. This is a serious issue involving $32 billion or $33 billion of Canadians' money.
The regulation was the responsibility largely of the provinces and the territories, not the Government of Canada, but who gets called upon in crises is the Government of Canada to deal with these issues on behalf of Canadians. This is a gap in our system of regulation that the crisis that we are going through points out it is necessary to fill.