Mr. Speaker, I thank the hon. member for Calgary—Nose Hill, whom I know well and also appreciate. She and I have been in this House since 1993. My answer is simple.
Securities fall under the jurisdiction of the provinces, which includes Quebec. Just thinking about proposing this is a direct interference in an area under provincial jurisdiction. The federal government has no business there. The existing system works. The Bloc is not the only one to say that: the World Bank and the OECD also agree. What more does the government need?
In Quebec, there is a consensus that this does not make sense. The hon. member represents the region of Calgary. There is a legislative assembly in Alberta. I am convinced that deep down, and because she is a parliamentarian of integrity, she respects the decisions of the Alberta legislature. This is precisely what we are doing here. This is why I said that we are carrying the Quebec consensus.
This new body is not accepted in Quebec. The government cannot claim that this is done on a voluntary basis. Everything is based on the offer. This entity will weaken the provinces' position, and financial market authorities in each of the provinces will become irrelevant. The federal government—