TPP Critics Fear Rogue Bank Actions

By Alex Yeager

The Trans-Pacific Partnership is again drawing criticism, but not for its trade implications.  Instead, the much-maligned deal is now being criticized for the special legal rights it might grant financial institutions.  The agreement is designed to relax trade barriers between the United States, Japan, Canada, Mexico, and eight other pacific-rim nations.  Yet the fear is that under the agreement banks may be able to systematically circumvent domestic court systems to bring special arbitral claims against foreign governments.