Monthly Archives: June 2013

Ask your Congressperson and Senators: Please Oppose the Trans-Pacific Partnership

 

There’s still time to prevent the Trans-Pacific Partnership Trade Agreement, a.k.a. NAFTA on steroids, from becoming the law of the land. Please click this Roots Action link and enter your zip code. There you will see a form letter that you can edit to your satisfaction which will be sent to the President, your two U.S. Senators and your one Representative. The text they provide is very short, so please feel free to copy and paste my letter below and use that text instead. It is almost verbatim the text that Public Citizen provides on this “Expose the TPP” page.

 

As your constituent, I urge you to reject the Trans-Pacific Partnership. 

 

The TPP would provide big banks with a backdoor means of rolling back efforts to re-regulate Wall Street in the wake of the global economic crisis.

 

The TPP would require domestic law to conform to the now-rejected model of extreme deregulation that caused the crisis. The TPP would forbid countries from banning particularly risky financial products, such as the toxic derivatives that led to the $183 billion government bailout of AIG.

 

The TPP would threaten the use of “firewalls” – policies that are employed to stop the spread of risk between different types of financial institutions and products. While many in the United States have called for a reinstatement of the Glass-Steagall Act, that helped eliminate banking crises for four decades by prohibiting deposit-holding commercial banks from dealing in risky investments, the TPP would bar such reform. The TPP would ban capital controls, an essential policy tool to counter destabilizing flows of speculative money. Even the International Monetary Fund has recently endorsed capital controls as legitimate for mitigating or preventing financial crises.

 

The TPP would prohibit taxes on Wall Street speculation. That means that there would be no hope of passing proposals like the Robin Hood Tax, which would impose a tiny tax on Wall Street transactions to tamp down speculation-fueled volatility while generating hundreds of billions of dollars’ worth of revenue for social, health, or environmental causes.

 

The TPP would empower financial firms to directly attack these government policies in foreign tribunals, and demand taxpayer compensation for policies they claim undermine their expected future profits.

 

At the core of this unjust trade agreement is the violation of our own United States Constitution because the TPP would render the decisions of secret tribunals sovereign to the decisions of our own courts. Please commit to opposing the TPP and using your considerable influence as a member of Congress to prevent this  tragedy from becoming the law of the land.

 

Sincerely,

[Your Name]

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