Mr. Speaker, I absolutely agree that developing a common securities regulator across this country would provide us the opportunity to ensure those types of issues that were discovered south of the border through its system, its lack of regulation in a number of areas, which includes its banking system, where we can make a difference by ensuring it does not happen to Canadians, that people will not be taken advantage of by a financial system that has 13 different regulators and 13 different systems that no one can really pinpoint or understand. It is a system where something can be done in one jurisdiction but not in another.
We want to ensure the national securities regulator will be able to resolve those issues. National penalties would have the ability to go after white collar crime on a national scale. We want to ensure that the kind of issue that raised its ugly head south of the border does not happen to the financial system here. We want to protect jobs and workers' pensions and ensure that no one is taken advantage of financially in this country.