May 19, 2015

Senators Introduce Amendment to Prevent the Use of Fast Track to Gut Financial Reforms

Text of the amendment is available here.

WASHINGTON, DC - United States Senators Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Richard Blumenthal (D-Conn.), and Tammy Baldwin (D-Wis.) have introduced an amendment that would prevent the use of Fast Track authority to pass a trade deal that weakens financial regulations.

"This President supports financial reform - but he cannot stop the next President from caving to the big banks in a future trade deal," said Senator Warren. "With European officials, Republicans, and giant banks on both sides of the Atlantic pushing hard to undermine financial regulation in the upcoming TTIP agreement, this amendment is the best way to ensure that future Presidents can't use this fast track bill to undermine Dodd-Frank."

"It's no secret that big banks and many European nations are pushing hard to relax financial regulations in upcoming trade negotiations," Senator Merkley said. "This amendment is imperative to making sure that TPA doesn't become the ‘fast track' to chopping away at Dodd-Frank and jettisoning key consumer protections."

"Without enforceable standards like this one, the United States risks entering a fast track that has no off-ramp - and that could easily allow a future Congress and a future President to weaken crucial reforms that protect Americans from another crisis," said Senator Blumenthal. "The enormous discretion that trade promotion authority entails must be cabined by strong rules to maintain the hard-won stability of our financial system."

"Unfair trades deals have had a devastating impact on the Wisconsin economy and middle class workers," said Senator Baldwin. "This amendment will ensure that no future President‎ will be able to use the powers granted in this deal to make it easier for Wall Street and big banks to write their own rules."

Read the text of the amendment here.