Mr. Speaker, I think we have to recognize that this crisis is not local; the crisis is global. As Don Drummond, the TD economist, has said, this is the most synchronized global recession in history.
We have to have not only national responses but international responses. We have to work in concert with our G7 and G20 partners.
Earlier the Bloc member quoted from the 2007 report of the IMF. There is a May 2009 report on Canada, and this is their conclusion about our current system:
[T]he current passport system of 13 provincial and territorial securities supervisors risks regulatory arbitrage and creates gaps in oversight, given that securities markets are effectively national in scope. A federal regulator could coordinate more readily with other regulators in monitoring risks and responding quickly to a crisis, and could also have an enhanced focus on the issues that securities markets may pose for national financial stability.
I would encourage members to read this report, take it to heart, oppose this motion, and support a national securities regulator.