This week, the Senate will vote on whether to grant Obama fast track" authority to negotiate the TPP agreement, which involves a dozen countries around the Pacific. [Senator Elizabeth] Warren has previously claimed that the TPP's controversial Investor-State Dispute Settlement provision, or ISDS, could undermine or chill public interest regulations in the U.S. and other participating countries, and could even undercut Dodd Frank financial reform, one of Obama's signature achievements. Obama has strongly rejected Warren's arguments in [an] interview with Yahoo and elsewhere. "The president said ... that he's confident that when people read the agreement for themselves, that they'll see it's a great deal. But the president won't actually let people read the agreement for themselves, [and] has committed only to letting the public see this deal after Congress votes to authorize fast track. At that point it will be impossible for us to amend the agreement or to block any part of it without tanking the whole TPP." Senator Warren went into more detail: "Congress will decide whether to give the President Fast Track authority. That authority would prevent Congress from amending trade deals and reduce its ability to block trade deals ... for ANY trade deal cut by ANY president over the next six years. Big banks on both sides of the Atlantic are gearing up to use that agreement to water down financial regulations. A six-year Fast Track bill is the missing link they need to make that happen."
Latest
Latest News
Each news summary is created according to strict standards. Here's how we do it.
Each summary is created using a consistent editorial procedure. The target length is approximately 16 lines of 11-point Arial text in a 650-pixel-wide column. Up to 25% of a summary may be set in bold to emphasize the most important ideas. Summaries are composed of verbatim excerpts presented in the same sequence as they appear in the original news source, with very minor editorial additions. Where material has been omitted between excerpts, the omission is indicated with ellipses (...). Any words added by an editor for clarity or context appear in [brackets]. Our original news editor was Fred Burks. Tod Fletcher edited most summaries from 2007 through 2014, and Mark Bailey has served as news editor since 2014.