Well, this is awkward. A few days ago President Obama literally laughed off Sen. Elizabeth Warren’s concern that his so-called “fast track” provision, which would limit Congressional power regarding trade deals for the next six years, endangers 2010’s Dodd/Frank financial reforms.
“I’d have to be pretty stupid” to sign an agreement that did that, the President said. He was reportedly laughing as he said it.
Just four days later Canada’s finance minister used a similar trade deal to challenge the “Volcker rule,” a key provision of Dodd/Frank. “I believe—with strong legal basis—that this rule violates the terms of the NAFTA agreement,” Joe Oliver told a banking conference.
As we were saying: awkward.