The Daily Kos has the story Warren, Markey, and Baldwin Demand Answers from USTR on Backdoor Financial Deregulation in the TPP.
On Tuesday, Senators Elizabeth Warren (D-MA), Ed Markey (D-MA), and Tammy Baldwin (D-WI) sent a letter to US Trade Representative Michael Froman demanding answers about backdoor financial deregulation in the Trans-Pacific Partnership.
The senators highlight three parts of the TPP that could undermine current and future efforts to regulate Wall Street and prevent another financial crisis:
(1) Investor-state dispute settlement (ISDS), which allows foreign companies or investors to sue governments for losses in expected profits
(2) “Market access” provisions that could prohibit restrictions on predatory financial products, like risky forms of derivatives
(3) Limitations on governments’ ability to impose capital controls, which could stymie efforts to prevent future financial crises as well as efforts to pass a financial transaction tax
The senators asked USTR Michael Froman to respond to their questions, with negotiating text documentation, by January 6th.
We are lucky to have Senators Warren and Markey trying to protect us from the predations of the Republican Party and President Obama. Perhaps our two Senators and their allies in Congress can finally wake up the public to the damages that this treaty will cause. It is unfathomable as to why Obama is so adamant about the need for this awful treaty. Is this his revenge against some perceived insult that our country has perpetrated on him and his family?