Senator Jeff Sessions is worried that the adoption of the Trans-Pacific Partnership would lead to an "historic international regulatory Commission" that would eoncmpass 90 percent of the world's GDP. He's concerned that it would "[create] a self-governing and self-perpetuating Commission with extraordinary implications for American workers and American sovereignty."
“The House is preparing to vote again tomorrow on providing fast-track executive authority to the President. If adopted, it will be sent immediately to the Senate for final consideration," Sessions says in a statement to be released tonight.
"It is essential that there be no misunderstanding: fast-track preapproves the formation of not only the unprecedentedly large Trans-Pacific Partnership, but an unlimited number of such agreements over the next six years. Those pacts include three of the most ambitious ever contemplated. After TPP comes the Transatlantic Trade and Investment Partnership (TTIP) between the United States and the European Union, followed by the Trade in Services Agreement (TiSA), seeking as one its goals labor mobility among more than 50 nations. Together, these three international compacts encompass three-fourths of the world’s GDP. Including the nations whose membership is being courted for after enactment, the countries involved would encompass nearly 90 percent of global GDP. Yet, through fast-track, Congress will have authorized the President to ink these deals before a page of them has been made public. Then, the Executive sends Congress 'implementing' legislation to change U.S. law—legislation which cannot be amended, cannot be filibustered, and will not be subjected to the Constitutional requirement for a two-thirds treaty vote.
"According to the European Commission, the TiSA agreement—which most House and Senate members did not know about when they voted—will follow in the footsteps of the WTO’s Trade in Services Provisions, which has already inhibited the U.S. from making needed immigration changes. The European Commission says the EU 'wants as many countries as possible to join the agreement.' We have already seen how the EU has curtailed sovereignty in Europe; we do not want to follow in its footsteps.
"This nation has never seen an agreement that compares to the TPP, which forms a new Pacific Union. This is far more than a trade agreement, but creates a self-governing and self-perpetuating Commission with extraordinary implications for American workers and American sovereignty.
"Such a historic international regulatory Commission should never be fast-tracked, and should never be put on a path to passage until every word has been publicly scrutinized, every question answered, and every last power understood by Congress and the American people.”
The House is expected to vote on the trade bill tomorrow.
Hillary Clinton took a strong position in support of so-called net neutrality in an appearance yesterday evening in Silicon Valley:
"For the FCC to do what they want to do, to try to create net neutrality as the norm, they have to have a hook to hang it on," Clinton said. She said it's the only hook the FCC's got. But that'd she'd vote for regulating the Internet.
Republican senators Mike Lee, Ben Sasse, and Rand Paul have all been high profile opponents of the Obama administrations current plan to regulate the internet -- in particular, Lee has called the regulation a government "takeover" of the internet and says it amounts to a "a massive tax increase on the middle class, being passed in the dead of night without the American public really being made aware of what is going on.”
Mary Cheh, who represents a leafy, affluent, embassy-filled section of Washington, doesn’t fit anyone’s image of a free-market reformer. A member of the D.C. Council since 2007, the sixty-something’s dress and manner are those of the Harvard-educated law professor she is. Many of her legislative priorities—free breakfast programs and green energy—could come from the playbook of any urban progressive.
What difference will it make if the Republicans win the Senate and hold the House in November? The House can already block Democratic legislation Republicans do not like, and President Obama would still be able to veto Republican legislation he does not like. The Republicans are talking of a positive, problem-solving agenda.
Celebrating a fourth birthday and growing nicely. That’s the story of the Dodd-Frank law, designed to end a “too big to fail” banking system that forced taxpayers to bail out bankers who took not only their own banks but the entire financial system to the verge of collapse, and brought on a record recession. Dodd-Frank, which weighed in at over 2,000 pages at birth, has since put on 14,000 pages of implementing regulations, with more to come.
Conflate two separate issues and you get one policy error. That is what too many opponents of carbon taxes are doing, getting caught up in the argument about climate change, which really has nothing to do with the case for a carbon tax. That case is that such a tax can make growth-inducing tax reform easier to achieve, and reduce the need for an expansion of the regulatory state, while protecting the competitiveness of our industries.
"The dinosaurs surviving the crunch” was how Stephen Sondheim described women living an outdated lifestyle and grimly aware that “everybody dies.” If Sondheim had the slightest interest in the less exalted subject of economics, he would apply that descriptive to a host of companies and industries trying to beat the hooded man with a scythe, aided by their regulators.
The antitrust lawyers I have served as a consultant often have the same complaint: Their clients don’t know when to shut up. This was certainly true of the executives of US Airways and American Airlines as they touted the virtues of their proposed $11 billion merger. US Airways president Scott Kirby reportedly said consolidation allows airlines to raise fees and charge for baggage, and the company’s CEO, Doug Parker spoke of the virtues of “rationalization,” which antitrust enforcers have always taken to mean higher prices and consumer harm. Now that the Justice Department has decided to sue to stop the merger, the airlines’ lawyers say these comments are taken out of context.
The Scrapbook neglected to follow its usual practice last week and had a look at the reader comments under an online New York Times article. The Times piece covered the growing popularity of so-called electronic cigarettes (which Ethan Epstein chronicled in these pages a few weeks back), noting that people are increasingly using the devices in public places like restaurants and bars. Unlike real cigarettes, e-cigs don’t contain tobacco and don’t emit carcinogenic smoke—they only expel water vapor—so they don’t cause any harm to nonusers.
Even if you're Warren Buffett--billionaire investor, founder of Berkshire Hathaway, and Democratic donor--it helps to have friends in high places. Through his holding company MidAmerican Energy, Buffett is currently atttempting to purchase NV Energy, a Nevada-based energy firm, and he's getting some big help from that state's senior U.S. senator, Majority Leader Harry Reid.
While not exactly a national monument, the north entrance to the Dupont Circle Metro stop in downtown Washington, D.C., is a pretty impressive edifice. A large circular granite wall is inscribed with a portion of Walt Whitman’s poem “The Wound-Dresser,” which you can ponder as you slowly descend the 188-foot escalator that takes you to the train underground. The escalators are encased on both sides by sloping concrete blocks with planters interspersed.