Jim Flaherty

[Canada Pension Plan, April 30th, 2009]

There is no doubt, Mr. Speaker, that the markets have been depressed in the past year.

The fact of the matter is that the Canada pension plan is one of the most successful pension plans in the world. The reason it has been so successful for Canadians over a long period of time, despite the crowing and complaining of the member for Wascana while I am trying to answer a serious question about the pension plan and he insists on interrupting, is that we are not going to let politicians like the member for Wascana interfere with the operation of the Canada pension plan.

[Goods and Services Tax, April 30th, 2009]

Mr. Speaker, the Government of Quebec has said that it wants to have discussions about harmonization. Since our first budget in 2006, we have supported the challenge of harmonization with the provinces, including Quebec. So, yesterday, we began discussions and negotiations with the Government of Quebec concerning harmonization.

[Automotive Industry, April 30th, 2009]

Mr. Speaker, here is what the Liberals know about cars. Here is what their finance critic said. He was asked by the Windsor Star if he owned a Canadian-built car. He said, “I drive a North American-made car”. He was asked to be specific. He said, “I drive a General Motors car”. He was asked to be more specific. He said, “I drive a Chevrolet”.

An hour later, he told the reporter, “I said the wrong thing without thinking. The fact of the matter is I do not own a North American car”.

It is no wonder that the Liberals will not let the finance critic ask any questions. He does not understand the auto system. In fact, he does not even know what car he drives. He can come to Oshawa—

[Automotive Industry, April 30th, 2009]

Relax, Ralph, I will get to you.

--to accommodate this...so they've basically got to start from a clean piece of paper with [BDC]--

[Automotive Industry, April 30th, 2009]

Mr. Speaker, the member opposite has trouble with dates, obviously. The budget was in January, not five months ago.

The Canadian automotive dealers had this to say today:

Ottawa must tread carefully as it wades into this area for the first time...there's no mechanism in place in Canada at this stage--

[Canada Pension Plan, April 29th, 2009]

Mr. Speaker, with respect to the Pension Board, that is operated independently from government and it should be operated independently from government. It has invested the pension plans of Canadians with a remarkably successful track record.

With respect to the broader issue of executive compensation, the Prime Minister and the other leaders of the G20 have agreed on the executive compensation review under the financial stability board of the G20. Work is being done on that subject.

[Canada Pension Plan, April 29th, 2009]

Mr. Speaker, I think most Canadians would find it unconscionable to have politicians interfering with the operation of the Canada Pension Plan and the Canada Pension Plan Investment Board. Professionals are hired to deal with that. Certainly, we do not want people, even members of the NDP, deciding on what the investments ought to be for Canadian pensions.

[Canada Pension Plan, April 29th, 2009]

Mr. Speaker, the Canada Pension Plan Investment Board is a cooperative entity governed by the provinces together with the federal government. There is a triennial review with respect to the CPPIB. That review was last done several years ago.

However, it is a joint opportunity for the provinces and the federal government to work together to set out the overall plan for the Canada Pension Plan Investment Board, which has done a relatively good job given the circumstances of the global economy in the past year.

[Securities, April 29th, 2009]

Mr. Speaker, absolutely not. The intention, with willing partners, is to create a national securities regulator to better serve the country, the Government of Canada acting within its area of jurisdiction and respecting the jurisdiction of the provinces.

I spoke with the minister of finance in Quebec just before question period. We agreed on a plan going forward with respect to negotiations concerning harmonization. I am sure we can have constructive discussions on other issues as well.

[Securities, April 29th, 2009]

Mr. Speaker, we have the most sound financial system in the world and that is the view of the World Economic Forum. Certainly, the IMF uses our financial system as one of the most sound in the world.

We have one glaring deficiency in that system. It is in the area of securities regulation, where we have 13 separate securities regulators. We will move forward, as set out in the first budget bill, with the plan for a national securities regulator with willing partners, willing provinces, and willing participants.