Obama Trade Document Leaked, Revealing New Corporate Powers And Broken Campaign Promises

“A critical document from President Barack Obama’s free trade negotiations with eight Pacific nations was leaked online early Wednesday morning, revealing that the administration intends to bestow radical new political powers upon multinational corporations, contradicting prior promises. …

“The outrageous stuff in this leaked text may well be why U.S. trade officials have been so extremely secretive about these past two years of [trade] negotiations,” said Lori Wallach, director of Public Citizen’s Global Trade Watch in a written statement. …

“The newly leaked document is one of the most controversial of the Trans-Pacific Partnership trade pact. It addresses a broad sweep of regulations governing international investment and reveals the Obama administration’s advocacy for policies that environmental activists, financial reform advocates and labor unions have long rejected for eroding key protections currently in domestic laws.

“Under the agreement currently being advocated by the Obama administration, American corporations would continue to be subject to domestic laws and regulations on the environment, banking and other issues. But foreign corporations operating within the U.S. would be permitted to appeal key American legal or regulatory rulings to an international tribunal. That international tribunal would be granted the power to overrule American law and impose trade sanctions on the United States for failing to abide by its rulings. …”

http://www.huffingtonpost.com/2012/06/13/obama-trade-document-leak_n_1592593.html

Aside from the obvious impact on labor rights and the environment, this is a recipe for driving even more jobs offshore, continuing the deliberate deindustrialization policy that began under clinton.  This is a bipartisan colonial effort.

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