Mr. Speaker, the bad news for the Conservatives does not stop on this national securities regulator issue. Senator Elaine McCoy has a lot to say about how this will be bad for people and companies, the financial services industry in Alberta. In addition, Ted Morton, Alberta's finance minister, has a lot to say about the subject. He said:
This is not just about securities, but all financial services that have been regulated by the provinces under their Section 92 jurisdiction over “property and civil rights”,-- including pensions, credit unions and insurance.
--in fact for 100 years--
When it comes to diversification of the Alberta economy, financial services is one of the fastest growing sectors--with the potential for much greater growth. The job-multiplying effect of having a provincial-based securities commission has been well documented by Quebec. As Canada and the rest of world emerges from the recession, Alberta will lead the way. If we let the Alberta Securities Commission get scooped up and transferred to Toronto, we can say good-bye to thousands of spinoff jobs in investment banking, law, accounting and financial analysts.
This is what the Alberta treasurer had to say about this measure.
I would like to ask the member what his comments would be vis-à-vis his province of Prince Edward Island.