Looks to be a blockbuster. The document shows Obama has been secretly negotiating with foreign governments to allow any international businesses that operate in the U.S. to operate outside American law, including environmental regulations. Instead of the corporations being beholden by American courts, an international tribunal will be set up as an alternative. Some democrats, republicans, and hand full of environmental NGOs are ripped. Not only because Obama is holding negotiations behind closed doors, but it’s in direct contradiction to his public stance, which is why this leak is so important.
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.
The terms run contrary to campaign promises issued by Obama and the Democratic Party during the 2008 campaign.