Mr. Speaker, the member is absolutely right and I would like to thank him for his question. There will be significant job losses in Alberta as well as Quebec. My colleague has mentioned the quality of regulations and protection for investors, which is of very strong in the current system. In fact, I was the one who gave him the reference.
Our system, which is not federal or national, but is administered by the provinces and territories, is ranked second in the world, according to the OECD. It is interesting to note that sectors under federal regulation are ranked lower. For example, when it comes to regulating the banking sector, which is under federal jurisdiction, Canada stood ninth, whereas the United Kingdom ranked second. As for regulations concerning the Competition Act, Canada placed fourth while the United States was first.
It seems that a passport system that works well produces better results than a centralized regulatory system in Ottawa would, be it in terms of the banking system or the Competition Act.