Mr. Speaker, the member's speech was similar to the messaging we have heard from most government MPs on the subject of the Canadian infrastructure bank. The real question is this: what is the need for this bank? We have five of the most respected financial institutions in the world, six or seven that finance infrastructure projects already in Canada and around the world. We have pension funds from the CPPIB to teachers to OMERS across the country that are already engaged in this as well. PPP Canada was already doing groundbreaking work on public-private partnerships. What is the need for this bank?
The last budget also includes the invest Canada office. The government will hire another CEO and staff up yet another government office to do what three departments of the federal government are already doing. It reminds me of the McGuinty-Wynne government in Ontario that would create more and more bureaucracy. We need less government.
Why can the Canadian banks' pension funds, working within the existing PPP Canada public-private partnership structure, not provide this same element of private investment in infrastructure? There is absolutely no need for this bank.