A key section of the secret Trans-Pacific Partnership (TPP) trade agreement has been leaked to the public. The New York Times has a major story on the contents of the leaked chapter and it’s as bad as many of us feared.
Now we know why the corporations and the Obama administration want TPP, a huge “trade” agreement being negotiated between the United States and 11 other countries, kept secret from the public until it’s too late to stop it.
The section of TPP that has leaked is the “Investment” chapter that includes Investor-State Dispute Settlement (ISDS) clauses. WikiLeaks has the text and analysis, and the Times has the story, in “Trans-Pacific Partnership Seen as Door for Foreign Suits Against U.S.“:
An ambitious 12-nation trade accord pushed by President Obama 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.
The Trans-Pacific Partnership — a cornerstone of Mr. Obama’s remaining economic agenda — would grant broad powers to multinational companies operating in North America, South America and Asia. Under the accord, still under negotiation but nearing completion, companies and investors would be empowered to challenge regulations, rules, government actions and court rulings — federal, state or local — before tribunals organized under the World Bank or the United Nations.
The other major political news story from this week: Senate OKs Republican balanced-budget plan, following House