Mr. Speaker, part of their argument is that cases like the Earl Jones scandal would not happen. Let us look at what the federal regulatory systems have actually done.
Earl Jones was denounced in 2001 as having used his trust account fraudulently. The Royal Bank deposited that document in court, federally-regulated. What did the Royal Bank do for the next seven years? Nothing.
What did the robust federal regulator do? Nothing. What did the victims get? Nothing. What lessons do the provinces have to learn about regulation and enforcement in their own areas of jurisdiction? None. They should mind their own business. Let the provinces regulate.