Mr. Speaker, I seize this opportunity to thank my colleague from Ottawa—Orléans for his intervention. He works very hard for the people in his riding.
This afternoon, I would like to say that it is important to strongly oppose this motion, with its outrageous content, which underplays the excellent budget presented in this House. Unfortunately, I see that some members do not support it. Nevertheless, I support it, my colleague from Charlesbourg—Haute-Saint-Charles supports it, my colleague from Ottawa-Orléans supports it as well and, of course, my colleagues on this side of the House all support it.
I am rising this afternoon because I want what is best for businesses in Bellechasse, Les Etchemins and Lévis when they are looking for capital. I have especially in mind the Davie shipyard, whose stocks are doing very well these days. I want these businesses from my riding to be able to access the financial market as quickly as possible and with a minimum number of obstacles to overcome. They should be able to obtain the capital which is so important, particularly during these uncertain economic times.
I believe it is important to act, and that is what our government is doing, while respecting areas of jurisdiction and taking a voluntary approach. Since we were first elected, we have been working together with the provinces to institute a simplified, more efficient system for regulating securities in order to bolster our financial stability, protect investors and of course, be accountable.
We currently have 13 commissions and it is difficult to act quickly. We saw during the crucial events in September 2008 that our counterparts elsewhere in the world, including in the United States and the United Kingdom, were temporarily restricting the short selling of certain shares in the financial services industry in order to ensure market stability. Our interventions in Canada were late in comparison with other countries and there were some differences. Our system was not necessarily very efficient. It is important, especially in times of economic uncertainty, to be particularly efficient in order to provide and maintain a competitive advantage.
Canada is also working with its partners in the G7 and G20 to deal with the systemic risks to the financial industry. We have a healthy financial sector in Canada and we want to keep it that way.
Third, it is very expensive to keep multiple commissions going. What we want is to eliminate the barriers and have the most efficient system possible. If we take the Prospectors and Developers Association of Canada, for instance, they will say that they want a more efficient system. We want to ensure that the efficiency and vitality of our financial sector is not diminished by governmental quarrels. What business people tell us is they want an effective, efficient system. They do not want to be the object of squabbles over flags or parliamentary disputes. That is why it is important to vote this motion down today and to vote in favour of the budget.
The support for improving our system comes from far beyond our borders. Last year, the Organization for Economic Cooperation and Development stated that multiple regulatory systems made it hard to maximize efficiency and there was a mounting danger that companies would choose securities in other countries. The report said, “A single regulatory authority...would eliminate the inefficiencies created by the limited enforcement authority of individual provincial agencies”. What the OECD was telling us, as the Government of Canada, is that we should assume our responsibilities and make sure that our companies can access financial and credit markets and that we should eliminate the barriers that are harming them.
Contrary to what our colleagues in the opposition are saying, the creation of a single commission is not an intrusion. This is a voluntary initiative.
Those provinces and territories who wish to do so may join the organization, but they do not have to. In fact, several provinces have already indicated their desire to work together with us during these challenging economic and fiscal times.
The senior vice-president of the Montreal Economic Institute, Mr. Marcel Boyer, said:
A single securities commission with a strong regional presence would favourably resolve the complex issue of regulating securities in Canada—
Decentralizing to non-exclusive offices that are nevertheless able to influence for the best a single securities commission would promote innovation and efficiency in terms of financial market regulation while at the same time ensuring de facto mutual recognition of regional sensitivities and distinctive features.
We are realizing, thanks to the G7 and G20 countries in particular, that our system needs to be improved and upgraded. This way, our businesses will enjoy the same opportunities and rapid access to capital markets as those from other countries.
How can one be against common sense and local businesses from Quebec, Prince Edward Island or the Yukon having access to capital markets Canada-wide without having to go through 13 different authorities and getting bogged down by bureaucracy?
Here is an opportunity to simplify the process while respecting everyone's areas of jurisdiction, as was clearly pointed out.
I could go on and on this afternoon about the importance of passing the budget, taking concrete action to support our economy and continuing to ensure that our businesses can benefit.
I will gladly answer questions on this topic.