Mr. Speaker, I draw the member's attention to page 8 of the throne speech, which speaks to the implementation of a national securities regulator. The member should know we have had a number of fights over this issue over the last number of years with Quebec, Alberta, Manitoba and others, calling it a jurisdictional issue and wanting to keep the control of securities regulation under provincial jurisdiction.
The federal government somehow thinks that by setting up a national securities regulator, it is going to solve the problem. My argument has been that it is not the organization so much as the people who run the organization.
If a national securities regulator keeps doing what it has been doing in the past, which is hiring people from the industry that it is supposed to be regulating, then it is basically an inactive and ineffective organization. For example, Conrad Black committed his white collar crimes in Canada, yet it was the Americans who put him in jail. What is the point of having a national organization if it is no more effective than the provincial organizations that are in place right now?