This project examines the policy process surrounding Canada's latest reforms of its financial–services industry legislation. The banks lobbied for a broadening of their eligible activities to mirror those of the multi–function banks in Europe and the United States and for mergers to permit them to compete with those banks on an equal footing. The government denied the institutions' requests and the pressure for action was deflected to a task force. My analysis of the policy change process is informed by the public choice paradigm and portrays the activities in the policy “black box.”