WASHINGTON – Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN) released the following statement after the NY Times reported on the Investment Chapter of the Trans-Pacific Partnership (TPP) that was leaked earlier this week. The chapter includes a highly controversial Investor-State Dispute Settlement (ISDS) provision, which would allow companies to sue foreign nations whose new policies hurt those companies’ interests.
“The text of the Investment Chapter of the Trans-Pacific Partnership validates concerns repeatedly raised by the Progressive Caucus about one of the biggest trade deals in history. Expanding ISDS increases foreign corporations’ ability to challenge U.S. policies outside of the U.S. court system, and demand monetary compensation for the loss of their ‘expected future profits.’ This erodes the power of Congress to establish vital health and environmental protections that protect consumers.
“The United States is leading a global race to the bottom that isn’t good for families anywhere. Good trade deals should not expose our consumer protections to legal attacks by foreign corporations.”
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