Jim Flaherty

[Securities, June 16th, 2010]

Mr. Speaker, the proposed model for a Canadian securities regulator is a highly decentralized model. It will rely on the expertise that exists in the various provinces and territories in Canada and in various areas of stock market, capital market expertise. That will be respected. That is part of the model.

Canada is the only major industrialized country in the world without a national securities regulator. We want to move forward to ensure that this pillar of our financial system matches the strength of the rest of Canada's financial system, which is the strongest—

[Securities, June 16th, 2010]

Mr. Speaker, the provinces can continue to operate with the passport system if they choose to do so. It is clearly a voluntary system. It is up to the Government of Quebec and to the other governments in Canada. We will continue to work with the 10 provinces and territories who want to work with the federal government.

[Securities, June 15th, 2010]

Mr. Speaker, there were a lot of victims in Quebec in particular, unfortunately, arising out of the Earl Jones scandal and the Ponzi scheme that he operated in Quebec. As Joey Davis of the Earl Jones victims committee said: “We support the idea of a single national regulatory body overseeing organizations. We definitely support the Canadian securities regulator initiative. Ottawa has been far more responsive to our plight. I have more faith in the federal government”.

[Securities, June 15th, 2010]

Mr. Speaker, this is a voluntary initiative that has always respected regional jurisdictions. It will continue in the same manner in the future. We respect the jurisdictions of the other levels of government.

This matter has now been referred to the Supreme Court of Canada, which will deal with the issue of the legislative competence of Parliament to legislate in this area.

[Securities, June 10th, 2010]

Mr. Speaker, as I said a moment ago, the proposed federal system is a voluntary system. This is an opt in system. There are 10 provinces and territories that are working with the Government of Canada on the project. As I have indicated before in this place, Canada is the only major industrialized country in the world without a common securities regulator.

[Securities, June 10th, 2010]

Mr. Speaker, when it comes to securities commissions, we will respect provincial jurisdiction. This is a new, voluntary system for Canada's provinces. As I said, we will respect provincial jurisdiction.

[Aboriginal Affairs, June 9th, 2010]

Mr. Speaker, the member is behind the times on this subject. We have actually had constructive negotiations with the Government of Ontario and the first nations. I expect that we will be able to work out a resolution of the issue over the course of several weeks. We have had discussions of late, most recently on Monday.

I welcome the hon. member to get up to speed on the subject.

[Banking Sector, June 9th, 2010]

Mr. Speaker, just the contrary.

Again, I am surprised that the member for Markham—Unionville, having been employed by the Royal Bank of Canada, would not understand how important it was for Canada and the Prime Minister to show leadership on this issue because there were a few countries that actually wanted to impose this tax on Canadians.

We were not willing and we are not willing to impose this tax on Canadians, which apparently the Liberal opposition wants to do.

[Banking Sector, June 9th, 2010]

Mr. Speaker, I am surprised that the member for Markham—Unionville would not understand that a tax on Canadian banks would be passed on to Canadian consumers, so what he is actually advocating for is to put a tax on Canadian customers of banks.

What an odd thing to do, given that Canadian banks and Canadian taxpayers were not involved in any kind of bailout, unlike our friends in the United States and Europe. Why would he want to punish customers of Canadian banks?

[G8 and G20 Summits, June 9th, 2010]

Mr. Speaker, the people who live in Ajax—Pickering know that our country has the best fiscal situation in the G7. We have the highest credit rating in the G7. We have the soundest financial system. We will have the strongest growth in the G7 not only this year but next year. The people who live in Ajax—Pickering know this well and they can find a replacement for the current member.