The Trudeau Government Must Take Bolder Economic Action to Protect Canadians

Today, the IMF warned that the world is on the cusp a recession even more severe than the contraction caused by the financial crisis of 2007-2009.

Canadians are confronting an economic crisis that may be without precedent in our lifetimes.

I am therefore calling on the Trudeau Government, which has taken some steps in the right direction, to take far bolder action to protect ordinary citizens and particularly the most vulnerable among us.

The measures I am urging the government to take include an 80% wage subsidy to keep workers employed, a three-month rent holiday, a three-month holiday from interest on consumer and small business loans, credit card debt, and residential mortgages and, on a longer term basis, a guaranteed basic income. My full statement is here.

Canada is the “Wild West” of Securities Regulation

As I explained this week in a discussion with Vanmala Subramaniam of the Financial Post, former Bank of Canada Governor David Dodge once described Canada as the “Wild West” of securities regulation.

Canadian investors need better protection from regulators. They will not get it unless and until we shut the revolving door between the regulatory community and the financial industry: