Madam Speaker, the fact is that we as the government made a commitment to Canadians that we would close a loophole in our political financing regime. We were the government that brought in the Federal Accountability Act that cleaned up the political financing regime in Canada. Now we are building upon that by closing this loophole.
The fact is that it is not only banks but also insurance companies, credit unions and other institutions that can provide these loans. Also, these loans can be provided by another electoral district association, by the party, or by family and friends.
This bill would actually level the playing field for all Canadians to get involved in politics. It would take the power away from wealthy individuals, corporations and unions.