Madam Speaker, Bill C‑30 laid the foundation for an undertaking that Quebeckers, in a rare show of unanimity, opposed. That is why I am pleased to say that I am very happy about a major victory won by my party, the Bloc Québécois, and by Quebec.
Bill C‑30 would have renewed and even significantly increased the budget for the Canadian Securities Transition Office to maintain it and accelerate its work. The government wanted to spend $120 million on it or even more if Parliament voted to do so in an appropriation act. Fortunately, thanks to my colleague's tireless work, the Standing Committee on Finance listened to reason and agreed to our demand to cut that clause from the bill and cut funding for the organization, whose raison d'être was centralization.
I would note that the office was created in 2009 to set up a single securities regulator in Toronto for the whole country. If the plan were to come to fruition, regulation of the entire financial sector would have been concentrated in Toronto. We are fiercely opposed to that because it is a heinous attack on our ability to keep our head offices and businesses viable here.
Therefore, I urge my hon. colleagues from all parties in the House to uphold the amendment adopted by the committee, which will put an end, once and for all, to this harmful bill to strip Quebec, the provinces and the territories. If the amendment stands, the office should close its doors in the next few months and bring its centralizing mandate to an end. That is what the committee democratically recommended, and the government must respect its will. It must also respect the unanimous will of the National Assembly of Quebec, which called on Ottawa four times to abandon another such attempt to interfere.
I also want to again point out that this bill generated an incredible response, as stakeholders from all sectors rallied in a seldom seen show of unity and spoke with one strong voice to oppose it. All political parties in the National Assembly and stakeholders in the business community, financial sector and labour-sponsored funds condemned it, and with good reason. It is rare for all these people to be of the same mind.
Once again Ottawa is sticking its nose where it does not belong despite many Supreme Court rulings confirming that securities are not a federal jurisdiction. My colleagues across the way might say that they got the green light to interfere in this area in 2018. I would remind them that this authorization was subject to conditions: not to act unilaterally, co‑operate with the provinces, and be limited to systemic risk analysis and management.
If every single political and economic actor agrees, that is mainly because this is a fight between Bay Street and Quebec. I hope members will pardon my concern, but the plan for this Canadian body was tailor-made for the small window that the Supreme Court opened to the federal government. Even assuming that the federal government respects the conditions that were imposed, the result is nonetheless the creation of a single securities commission and therefore the marginalization of Quebec's financial position.
Montreal is the 13th-largest financial centre in the world. Our financial sector is vibrant and represents 150,000 jobs in Quebec. It contributes up to $20 billion to Canada's GDP. Installing a Canada-wide securities regulator in Toronto would inevitably cause a migration of regulatory activities out of Quebec. Quebec's current securities regulator is strong and represents a pool of qualified labour and good jobs, but it is especially vital to the operations of our head offices and the preservation of our businesses.
It is a well-known fact that businesses concentrate their strategic activities, in particular research and development, where their head offices are located. The Task Force on the Protection of Québec Businesses estimates that the 578 head offices in Quebec represent 50,000 jobs with a salary that is twice as high as the Quebec average in addition to 20,000 other jobs at specialized service providers such as accounting, legal, financial or computer services.
These head offices could end up in Ontario if the Canada-wide commission is established, and then Quebec will become a subsidiary economy, a branch plant economy, or in other words, a less innovative economy with limited growth. This centralization would make it complicated for businesses to get access to capital.
Keeping the sector's regulator in Quebec ensures that decision-makers are nearby, which in turn enables businesses to access the capital they need to support investment and growth across Quebec.
This potential exodus of head offices would affect all sectors of our economy, not just big business, since Quebec companies tend to favour Quebec suppliers, unlike foreign companies in Quebec, which tend to rely more on globalized supply chains.
This will have a major, even devastating, impact on our network of SMEs, which is at the heart of our economy and upon which the vitality of our regions depends. The current health crisis has shown how dependence on globalized supply chains can have disastrous consequences that make us dependent on other countries.
The government has the duty to protect SMEs in Quebec and Canada, and the Bloc Québécois will be there to remind it of that. We are very satisfied that we managed to nip this harmful plan to centralize in the bud by removing the controversial clause from Bill C-30. I again urge my colleagues to respect the will of the Standing Committee on Finance and keep the proposed amendment.
In closing, I would like to reassure my fellow Quebeckers who are opposed to this plan that, as long as it has not been officially abandoned, we will continue to fight against this plan, which benefits Ontario to the detriment of Quebec. If the government tries to bring back the clause that was taken out at report stage, we will challenge it. We will strongly oppose it.