Mr. Speaker, when members are looking at some of the background, one of the things they may not be broadly aware of is that Quebec's approach is slightly different from the situation in the other 12 regulatory jurisdictions, in that it not only deals with securities but also with parts of the Quebec financial markets. That is a difference from the other 12. However, that is not the case with regard to the banking sector. That is a federal jurisdiction, a federal responsibility, and I suppose under the member's criteria it constitutes a monopoly of regulation.
Would the member agree with the assessment that in the current economic crunch we are experiencing now, when things go wrong, it is the federal government that turns out to be the ultimate lender and the bailout? That is the problem. We cannot have it both ways. When we have a broad-based securities regulator and things go wrong, it turns out to be the federal government that has to take care of the mess.