Mr. Speaker, I am very happy to speak on this opposition day. The hon. member from Hochelaga introduced a motion that, in my opinion, is completely relevant to the Conservative government's offensive for a Canada-wide securities commission. I thank him for this initiative and I want him to know that he will have my vote on Monday evening.
It is important to read this motion since it contains all the arguments brought forward by Quebec's business and political circles, as well as by journalists and observers. Seldom have we seen a consensus like this in Quebec with respect to a federal initiative. The whole Quebec nation is against the Conservative government's offensive on the financial sector, which is, moreover, very remarkable and surprising, given the very technical nature of the debate. Sometimes, the public has a hard time understanding all the ins and outs. Despite everything, the consensus in Quebec is very strong.
Both the elected members from Quebec in Ottawa, including the Bloc Québécois members, and the members of the National Assembly played a very important role in this matter by taking leadership and explaining the dangers of the draft securities commission bill proposed by the Conservative Minister of Finance. While it does not happen often, business people are joining forces against this completely unacceptable bill.
Here is the motion:
That this House denounce the government’s unrelenting efforts to marginalize the Quebec nation, in particular by depriving it of the major economic lever of securities regulation, a matter that is under the exclusive legislative jurisdiction of Quebec and the provinces and for which they have established a harmonized regulatory system recognized for its effectiveness by the OECD and the World Bank among others, and that it demand, along with Quebec's National Assembly and the business community in Quebec, that the government immediately withdraw its draft bill.
In starting by saying, “That this House denounce the government’s unrelenting efforts to marginalize the Quebec nation...”, the hon. member for Hochelaga describes very well the context in which the Conservative offensive in the financial sector occurs. If this were the Conservative government’s only attack on the Quebec nation, we might think it was an idée fixe of the finance minister or of the Prime Minister when he studied economics and after doing a paper on it made it his pet subject. If that were the case, we might think we could make them see reason.
It is very clear, though, that this is just one piece of the puzzle, a part of a greater whole, a strategy that is being implemented but has not succeeded thanks to the Bloc Québécois, which is there to block it. The attempt to weaken, undermine and marginalize the Quebec nation can be seen in Bill C-12, which reduces the political weight of the Quebec nation in the House by increasing the number of seats in Ontario, British Columbia and Alberta while the government refuses to make any promises about the proportion of MPs from Quebec in the House, as well as in the draft legislation on a Canada-wide securities commission.
Other initiatives are cut from the same cloth, for instance the dismantling of the firearms registry. In question period, my colleague from Ahuntsic reminded the House that three-quarters of Quebeckers are in favour of the firearms registry. Among young people 18 to 24 years old, this proportion rises to 85%. There is a strong consensus therefore. This government, as well as members from other Canadian parties, support the idea, though, and are trying to dismantle what the Quebec nation considers an essential tool. Refusing to listen to Quebec is just another way of marginalizing it.
There is also the bilingual judges issue. The debate currently unfolding in the Senate is surrealistic in tone. Even some francophones have been heard to say that competent people would be held back, when we know very well no unilingual francophone has ever sat on the Supreme Court.
There is something surrealistic about it. The strangest thing, and this is a real paradox, is that very often the Bloc Québécois is the only party that makes a real effort to uphold the 1867 Constitution. The other Canadian parties no longer care about it at all. We do not believe in the Official Languages Act, but at least we push to have French recognized as the equal of English.
In theory, the Official Languages Act should lead all members of the House to support this bill, but it no longer counts. Or it only counts one way. It is a bit like the Supreme Court, as my colleague from Longueuil—Pierre-Boucher said, which like the tower of Pisa always leans one way. We do not have any illusions, therefore, about the decision the Supreme Court will reach on the draft securities commission bill.
In any case, this is not a legal debate but a political debate. It is part of the federal government strategy, especially the Conservative government, to marginalize and weaken the Quebec nation.
I want to finish by saying—and this will certainly please the Transport Minister—that the purpose of the entire economic development strategy orchestrated from Ottawa is also to weaken and undermine Quebec.
This strategy has two pillars. First, oil, the big oil companies—the friends of the Minister of Finance—and traditional motor vehicles using gasoline or hydrocarbon products. Then the financial system, which absolutely must be centred in Toronto. Those are the two pillars of Canada's industrial strategy. Against that background, the concerns and interests of Quebec are marginal and matter little. That is the context for this bill.
In the first part of the motion that the hon. member for Hochelaga put forward, it is very clear that this draft bill is one more aspect of the government's unrelenting efforts to marginalize the Quebec nation, in particular by depriving it of the major economic level of securities regulation, a matter that is under the exclusive legislative jurisdiction of Quebec and the provinces. Everyone acknowledges that, even the Minister of Finance. It is perfectly clear in the Constitution of Canada. To be precise, powers in securities matters are given to the provinces as part of their jurisdiction over property and civil rights set out in section 92(13) of the Constitution Act, 1867.
As a result, it is quite obvious that this bill is an attempt to do indirectly what cannot be done directly. There have been a number of attempts along these lines. This is not the first time that a federal government or a minister of finance, whether Liberal or Conservative, has tried to establish a Canada-wide securities commission. They always run up against the very clear statement in the Constitution. I have just mentioned the specific section of the Constitution Act, 1867, which makes it clear that this is under the legislative jurisdiction of Quebec and the provinces.
So they have invented a scheme: voluntary membership in the commission. The scheme fools no one. It is exactly the same method which the Conservatives are now using to change the Senate. They introduce Bill C-10, seeking to limit senators' terms. Then, in the Senate, another bill is introduced saying that senators should be chosen from a list of people who have been publicly elected. They know that the Senate cannot be substantially changed in a direct way without entering into constitutional negotiations with Quebec and the provinces. So they are trying a backdoor way of doing what they cannot do directly. That is exactly what this bill is doing; it is trying to impose a Canada-wide securities commission, contrary to Quebec's exclusive jurisdiction over the area.
As I mentioned earlier, and as a number of experts have also said: the Minister of Finance's voluntary membership is a con job, and it fools no one. Mr. Lortie, a former CEO of the Montreal Stock Exchange, even said so in his report.
They will try to balkanize the system that exists at present. They will ensure that pressure is brought to bear by the financial centres themselves for there to be one securities commission, which is not necessary at present because the system is working very well. That is what is in the motion before this House. This field is under the exclusive legislative authority of Quebec and the provinces, and the provinces and Quebec have put a harmonized regulatory system in place, the effectiveness of which is recognized by the OECD and the World Bank, among others.
It took several years to put this very sophisticated system in place, we have to acknowledge that. It was not easy, but it has been done. We are in the second phase of implementing the passport system, which means that once an issuer has a licence in a province or in Quebec, it may issue in other jurisdictions. That is then recognized by the authority in the other provinces or territories. It is a plan whose effectiveness has been recognized by the OECD. It has identified the Canadian system as the second best system in the world. I will give you the reference. It might be worth it for the Conservatives, particularly those from Quebec, to familiarize themselves with it.
I would also like to take this opportunity to clarify something. When we see that bills of this nature are plainly contrary to the interests of the Quebec nation and members or ministers from Quebec are being used to sell them to Quebeckers, we cannot refrain from stating a fact, and it is not an insult. These Quebeckers are serving a purpose in the sense that they are here to sell a plan that is contrary to the interests of the Quebec nation and could not be sold by a minister who came from Ontario or Alberta.
The Minister of Finance would have no credibility if he tried to sell this plan in Quebec, whether to the business community or to the people of Quebec as a whole. In fact, he was the Minister of Finance of Ontario, which is the only province that is not participating in the passport system. At present, he is the black sheep in our system of securities regulation in Quebec and he would have no credibility. So they have to use Quebec Conservatives. I think that is somewhat unfortunate for them. Their strategy is not working, but it is still sad to see these Quebeckers stoop to that level.
So I said there was an article in issue 43 of the OECD Journal of Economic Studies published in 2006. Since then, the passport system has made enormous progress. Four authors wrote an article entitled Regulation of Financial Systems and Economic Growth in OECD Countries: An Empirical Analysis. It is well worth reading; it is very well documented and very rigorous. They conclude that the financial regulatory system in Canada is the second best in the world. I will give another example. The American system is ranked fourth. The system in the United Kingdom, the leader in the development of the financial sector worldwide, is in fifth place, and Australia is seventh.
This is an extremely effective system and, as I said, it is recognized by the OECD and the International Monetary Fund. It is totally fallacious to talk about the need for a Canada-wide commission on the ground of effectiveness. We have a harmonized regulatory system at present, the passport system, the effectiveness of which has been recognized by the OECD and the World Bank, among others.
As the National Assembly of Quebec has done, the Bloc calls for the bill to be withdrawn.
On May 27, 2010, the day after the Minister of Finance unveiled his draft legislation, a motion was unanimously adopted by the Liberal Party of Québec, a federalist party, the ADQ, an autonomist party that needs to define itself more, and by the Parti Québécois. The motion reads as follows:
That the National Assembly denounce the obstinacy of the federal government in tabling unilaterally a bill to create the Canadian Securities Commission;
That it denounce this invasion into the fundamental jurisdictions of Quebec;
That it recall the opposition of the Quebec business community;
[That, finally,] it urge the Canadian government to reconsider this decision and, failing that, the Canadian Parliament not to pass such an act.
It echoed a first motion unanimously adopted in October 2007, after a document was tabled. If my memory serves me well, it was the finance minister's economic statement in which he first outlined the concept of a national securities regulator. The National assembly unanimously adopted that motion, which read:
That the National Assembly ask the federal government to abandon its Canada-wide securities commission project.
Therefore, the National Assembly, which represents the Quebec nation, is very clear on this matter. There is no doubt about it —it will be a hard-fought battle if the federal Conservative government continues to press on.
In the motion moved by the member for Hochelaga, there is a reference to the fact that the business community wants the bill to be withdrawn. I believe it is worthwhile naming those opposed because not just the member for Hochelaga, the member for Joliette and all Bloc members are against this bill. It is not just the members of the National Assembly who are against this bill. The Association de l'exploration minière du Québec, the Barreau du Québec, the Caisse de dépôt et placement du Québec, the Cascades Group, the Board of Trade of Metropolitan Montreal, the Quebec City Chamber of Commerce, the Chambre des notaires du Québec, the Chambre de la sécurité financière, the Conseil du patronat du Québec, the Fédération des chambres de commerce du Québec, Fondaction CSN, the QFL Solidarity Fund, the Jean Coutu Group, the Institute for Governance of Private and Public Organizations, the Institut québécois de la planification financière, Université Laval professor Jacques Saint-Pierre, Jean La Couture, corporate director, president of Regroupement des assureurs à charte du Québec, are also opposed. And there are others, such as Power Corporation—