Celyeste Power: Fixing Canada’s regulatory regime would foster economic growth at a key moment

The article discusses the impact of Donald Trump's tariffs on Canada, highlighting a surge in patriotism and a push for "Made in Canada" products. It emphasizes the need for Canada to address its regulatory barriers, which hinder competitiveness and economic growth. The article argues that Canada's regulatory system is overly complex, with 44 distinct financial services regulators creating a burdensome patchwork that stifles business operations and investment. It suggests that Canada should modernize its regulatory infrastructure, harmonize regulations across provinces, and focus on improving competitiveness alongside financial stability.

The piece also notes that while Canada's financial framework has strengths, such as shielding the country from the 2008 financial crisis, the current regulatory environment is seen as a deterrent to foreign investment and business expansion. The article calls for policymakers to seize the opportunity presented by the tariffs to eliminate outdated regulations and foster a more dynamic economic environment. Celyeste Power, the chief executive of the Insurance Bureau of Canada, advocates for a balanced regulatory framework to enhance economic competitiveness and drive job creation.

Key takeaways:

Fixing Canada's regulatory regime could foster economic growth by removing outdated and ineffective obstacles.
Canada faces a higher regulatory burden compared to other countries, which hinders productivity and investment.
There is a need to modernize regulatory infrastructure to improve efficiency and lower compliance costs for businesses.
Harmonizing regulations across Canada and removing duplicative guidelines can enhance competitiveness and growth.

Celyeste Power: Fixing Canada’s regulatory regime would foster economic growth at a key moment

Key takeaways:

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