Mr. Speaker, there is trouble in the Conservative heartland of Alberta on this issue. None other than Ted Morton, Alberta's finance minister, wrote an article on June 1 in the Calgary Herald, in which 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.
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 the world emerges from recession, Alberta will lead the way. If we let the Alberta Securities Commission get scooped up and transferred to Toronto, we can say goodbye to thousands of spin-off jobs in investment banking, law, accounting and financial analysts.
Why would Albertans want to do this, especially when it is not even necessary?
That was written by the finance minister of Alberta. Today when the parliamentary secretary was asked about Ted Morton, Alberta's finance minister, he pretended that it was just a minor difference of opinion, that he had just seen and spoken with him this past weekend and they were very close on the issue. All we have to do is read the article in the Calgary Herald to see that they are miles apart.