Madam Speaker, I think the member has correctly pointed out in his speech that the United Kingdom and the United States have a single regulator, and they still had to bail out their banks.
This really gets to the point that while Canada has tough laws to combat fraud and unfair practices, what we need is proper enforcement. I have always observed and said that if we keep hiring the regulators from the companies that they are supposed to be regulating, then we will essentially have an insider system, a system that is basically asleep at the switch. That is essentially what has happened here.
It is not so much the structure that we are dealing with; it is the people who are in the structure. Regardless of which system we have, if we do not hire enforcement-oriented people, and we simply hire industry insiders to be the regulators, then we are going to continue to have these problems.
The fact of the matter is that either side can present good arguments. There are jurisdictional issues here. This issue has been going on for many years. I predict that it will be decided in favour of the provinces because that is where it has been for the last 100 years.
I would like to ask the member, would he like to comment on that whole question about the type of enforcement, and whether or not it is the people who are doing the enforcing that is the problem?