 BROAD OPPOSITION TO THE CONTROVERSIAL INVESTOR-TO-STATE-DISPUTE SETTLEMENT (ISDS) MECHANISM (Image by Both ENDS) Details DMCA | Canadian Finance Minister Oliver's speech argued that the Volcker Rule -- a key tenet of the 2010 banking law -- violates the North American Free Trade Agreement.
The TPP wouldn't just empower foreign governments to sue the U.S. over bank regulations; it would allow individual companies and investors to bring such cases. Under the "investor-state dispute settlement" process, an international tribunal cannot overrule a law or regulation, but it can assess financial penalties to encourage countries to change said law or regulation. Financial watchdogs worry that future administrations will not share Obama's commitment to the Volcker Rule and other safeguards, making them more willing to cave in the face of trade pact pressure. According to EU's own reporting, 97% does not want the controversial investor-to-state-dispute settlement (ISDS)-mechanism to be part of the trade deal. |
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