Mr. Speaker, what we do know is that we have a very sound financial system and that it is a model for countries around the world. In fact, for the fourth year in a row, Canada was recently ranked as having the soundest banks in the world by the World Economic Forum.
I believe that ensuring we have a sound banking system ultimately benefits consumers.
I would like to talk about what acts are included in this bill.
The four principal acts that govern the financial sector, the Bank Act, the Insurance Companies Act, the Trust and Loan Companies Act, and the Cooperative Credit Associations Act, all have their sunset dates renewed for five years.
There are also changes to related statutes, such as the Financial Consumer Agency of Canada Act, the Office of the Superintendent of Financial Institutions Act, the Bank of Canada Act, the Canada Deposit Insurance Corporation Act, and the Canadian Payments Act.
There has been a fairly broad inclusion with some of these organizations in this legislation.