President Obama says progressives who warn that trade laws let corporations overrule U.S. law are “making this stuff up.” Two attacks on U.S. laws and regulations are underway right now, illustrating how the “corporate courts” provisions in the Trans-Pacific Partnership (TPP) would open our country up to attacks from foreign corporations.
“They’re making this stuff up.”
Sen. Elizabeth Warren, legal scholars and others have been sounding the alarm about the Investor-State Dispute Settlement (ISDS) provisions that have leaked to the public from the secret TPP negotiations. They are warning that the ISDS provisions, as the New York Times put it, “would allow foreign corporations to sue the United States government for actions that undermine their investment ‘expectations’ and hurt their business, according to a classified document.”
President Obama says Warren and these others are being “dishonest.” In his speech at Nike the other day the president said, “Critics warn that parts of this deal would undermine American regulation – food safety, worker safety, even financial regulations. They’re making this stuff up. This is just not true. No trade agreement is going to force us to change our laws. This agreement would make sure our companies aren’t discriminated against in other countries.”
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