This one is for the Finance Minister of Canada, Joe Oliver. He erroneously claims that the Volcker rule, implemented as part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, violates The North American Free Trade Agreement (NAFTA), signed into law on December 8, 1993.
Oliver says that the Volcker Rule prohibits US banks from trading AAA rated Canadian Government debt thereby violating free trade under NAFTA. The US government has denied any such violation.
I think the US Government has the better of this one. And it’s interesting to consider why this is true. Continue reading
Posted in Joe Firestone
Tagged congress, Congressional-Executive Agreements, Congressional/Executive Agreements, dodd-frank, investor state dispute settlement, ISDS, Joe Oliver, NAFTA, sovereignty, TPP, Trans-Pacific Partnership, Treaties, Volcker Rule
President Obama’s remarks to the Business Roundtable on Trade raise alarm bells for us all, and suggest that he is still pushing his pro- 1% agenda for all it is worth. Perhaps it would be better if Congress just treated him as a lame duck from here on in. Here are a number of statements from his talk and answers to questions, and my comments on them.
Trade: In Asia, there is a great hunger for engagement with the United States of America, and the Trans-Pacific Partnership is moving forward. Michael Froman, who is here, has been working non-stop. I’ve promised his family that he will be home sometime soon. We are optimistic about being able to get a deal done, and we are reinvigorating the negotiations with the Europeans on a transatlantic trade deal.
If we can get that done, that’s good for American businesses, it’s good for American jobs, and it’s actually good for labor and environmental interests around the world. Because what we’re trying to do is raise standards so that everybody is on a higher, but level playing field. And I think that your help on that process can make an enormous difference.
So, he’s telling us that he’s still pushing for the notorious TPP, and well as the TTIP (also called TAFTA), and the Trade in Services Agreement (TISA), even though all three elevate the right of corporations to sue Governments for loss of potential profits if Congress or the legislatures of other nations pass laws to protect the environment, attempt to moderate climate change, exclude certain energy sources from use, or do anything else that harm the potential future profits of companies that are signators to this treaty. Such provisions clearly breach the sovereignty of the United States and assert these potential profits above the potential will of the people which in seeking public purpose goals may harm or extinguish these potential profits.