Financial System Review Act (Bill S-5)

Elizabeth May: Mr. Speaker, I appreciate the speech by my hon. colleague from Bonavista—Gander—Grand Falls—Windsor. Terra Nova should be the name of his riding, but we will talk about that another time.

I am speaking of things that are not in the act, and I hope this will not be a troubling question. The financial transaction tax was mentioned earlier today in debate by a Conservative member as something the Conservative Party opposed. The Green Party supports it. 

Does the hon. member have any thoughts about bringing in an international levy at a very tiny level that would create funds that could be used if we were to have another collapse of the highly speculative derivative market globally, which in my view is still not adequately regulated?

Scott Simms: Mr. Speaker, that opens up a fascinating discussion if we are talking about an international levy, and I am assuming in minuscule amounts. As a cushion or protection, I do not think the government would be adverse to talking about that. It did bring in the security fee for people travelling in airports, which I would call a travellers tax. Nonetheless, the Conservatives certainly see the importance of bringing in some of these fees or particular levies for the sake of protection of the consumer, in that case the protection of the traveller.

I do not have much knowledge on the levy itself she is talking about, but I would consider it if in the end it provided protection, not just for a particular consumer but also for employees in case of bankruptcy or environmental hazards.

I would like to see some kind of international levy for businesses regarding environmental hazardous waste. When companies wind down and leave, who cleans up after them? There is no money available for that, unless it is on a military base or something of that sort, but what about industrial bases? I may be getting off topic, and I think I am, but nonetheless I should probably stop there.