Madam Speaker, I have a big problem with division 5 of part 4 on the centralization of securities.
This plan to set up the pan-Canadian securities regulation organization in Toronto is bound to result in regulatory activities transitioning out of Quebec. The minister is allocating nearly $120 million to this ill-conceived plan. This is not just a conflict between provincial and federal responsibility. It is a battle between Bay Street and Quebec.
Nobody in Quebec—none of the political parties, not the business community, not the financial sector and not workers' funds—nobody is in favour of this plan.
After she invests $120 million, what will the minister tell them? Will she tell them that Ottawa cares more about Bay Street than about all those people?