Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
This Amendment would Preserve U.S. Sovereignty from Fast Track
This week, the U.S. Senate will be considering up to 100 amendments to the Fast Track bill, which is expected to pass the Senate on Friday. Senator Elizabeth Warren and twelve other Democratic senators are sponsoring what could be the key amendment (pdf) for preserving U.S. sovereignty. Here is the text:
At issue are the Investor-State Dispute Settlement provisions that are in Obama-type trade agreements. If any existing U.S. law or regulation violates the agreement, foreign businesses can sue the U.S. government for monetary damages. Through billion dollar fines, the dispute arbitrators can force Congress to change any U.S. law that differs from the trade pact.
Like Senator Warren, Republican Senator Jeff Sessions wants to preserve U.S. sovereignty. On May 12 he issued a Critical Alert in which he wrote:
Like Sessions and Warren, Senator Ted Cruz wants to preserve American sovereignty, at least as far as immigration is concerned. He is proposing an amendment to Fast Track which states that nothing in the act “shall alter or affect any law, regulation, or policy relating to immigration.”
The internationalists have crossed the aisle separating Democrats and Republicans in order to pass Fast Track. This amendment will determine whether Republican Senators can cross the aisle in order to preserve American sovereignty.
Journal of Economic Literature:
Atlantic Economic Journal: