Mr. Speaker, FACTA has far reaching implications as it would require Canadian banks to collect a great deal of information and at a very substantial expense. I have reviewed this with all of our Canadian banks. I have also raised it with the secretary of the treasury and my officials continue to discuss it with them. We are hopeful that we will be able to arrive at an arrangement with the Americans that would not require this needless expense.
In the House of Commons on October 19th, 2011. See this statement in context.