Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

Who was responsible for regulating the financial markets in the last eight years? Clinton did not appoint the head of the regulatory authorities in the US in the last eight years. I have met a couple of them. They were appointed by former President Bush. But that is a debate in the US. The relevance of that to our circumstances is that there is a significant financial and economic crisis. It had its genesis in the US, it spread to Europe and the impact is spreading right around the world and is hurting Australia as well. This government is acting decisively because we believe that we should act—