Hon. Céline Hervieux-Payette:

Honourable senators, my question is for the Leader of the Government in the Senate. As she surely knows, the Fédération des chambres de commerce du Québec and some large Quebec companies, including Cascades, Quebecor, Jean Coutu, Industriel Alliance and many more, oppose centralizing the securities commissions. There is no evidence to suggest that centralization would be either relevant or effective when it comes to preventing the moral and financial crisis we are experiencing.

I want to emphasize that the OECD has ranked Canada second in the world with respect to securities regulation.

And, as I am sure honourable senators know, neither the single American securities commission nor the single British securities commission managed to protect investors; both failed to see the crisis coming.

Despite these facts, the Prime Minister is stubbornly going ahead with his plan to create a single commission even though it is neither sensible nor in the interests of the provinces, including Quebec, which want nothing to do with it. In light of growing opposition on the part of Quebec business leaders, can the minister tell us when her government, specifically her Prime Minister, will reconsider this proposal, which is neither desired nor desirable, thereby saving the $250 million already set aside for that purpose in the budget?

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