Ottawa to work with provinces to put in place a common securities regulator to increase oversight

The federal government introduced a five-point plan aimed at protecting Canada from the global economic downturn and indicated that the country may have to run a deficit.

Governor General Michaëlle Jean unveiled Prime Minister Stephen Harper’s plan for the economy during the speech from the throne on Parliament Hill on Wednesday.

In the speech, Jean said ongoing, unsustainable deficits “are quite rightly unacceptable to Canadians.”

“The structural deficits must never return,” she said.

“At the same time, in a historic global downturn, it would be misguided to commit to a balanced budget in the short-term at any cost, because that cost would ultimately be borne by Canadian families.”

Canada also will work with the provinces to put in place a common securities regulator to increase oversight, Jean said.

In the speech, the government also vowed to secure jobs through training and further support to the auto and aerospace industries.

It also committed to global finance reform, expanded investment and trade, and making government more efficient and effective.

The Canadian Bankers Association fully supports the federal government’s commitment to a common securities regulator in Canada as announced in the speech from the throne, the CBA said Wednesday.

“There have always been good reasons to create a common securities regulator, but the recent international financial market turbulence has made these reforms more crucial than ever,” said Nancy Hughes Anthony, president and CEO of the CBA.

“Moving to a common securities regulator will enhance efficiency, increase confidence in our capital markets, and strengthen our ability to respond to rapid changes in the capital markets. We’re lagging behind at a time when we can least afford to,” she said.

IE