Hon. Gudie Hutchings, P.C., M.P., Minister of Rural Economic Development: Thank you so much for that question, my friend. You know just as well as I do that the financial sector is becoming increasingly digitalized, and we have to make sure that the standards are modernized to ensure that every part of Canada enjoys a strong, stable and innovative financial sector.

We also have to make sure and realize that for every Canadian, no matter where they live, the financial sector is globally competitive, promotes consumer choice and contributes to economic growth. That is why I was delighted when our government launched the Advisory Committee on Open Banking. I am sure that you know that the lead on that is Abraham Tachjian, who has done phenomenal work with stakeholders, consumer organizations and regulators. The four pillars of the committee’s report is on accreditation, liability, privacy and security.

The government is reviewing the committee’s recommendations and developing the next steps to move forward. I know that you will play an active role in that along the way, sir.

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