During a visit to Nike’s Headquarters in Poland, President Obama fired shots against Senator Elizabeth Warren and progressive democrats for their criticisms of his Trans-Pacific Partnership plans.
Warren has been highly critical of the Trans-Pacific Partnership deal, saying that it will dismantle Dodd-Frank, which was legislation enacted in the wake of the 2007 credit crunch to prevent another market meltdown caused by banks to big to fail.
“The notion that I had this massive fight with Wall Street to make sure we don’t have what happened in 2007 and 2008, and then I sign a provision to unravel it? I’d have to be pretty stupid,” said the President. “This is all hypothetical, speculative.”
At the center of the most recent stage of this fight that has gone back months, Warren has attacked the President for both the secrecy behind the bill and the Investor-State Dispute Settlement clause or ISDS, which would allow investor states to sue host nations, including the U.S. if their regulations harmed profitability.
Therefore, the U.S. could be sued if Dodd-Frank prevented a foreign company from making short-term profits at the expense of long-term risk and damage to our economy.
“This is hardly a hypothetical possibility: We are already deep into negotiations with the European Union on a trade agreement and big banks on both sides of the Atlantic are gearing up to use that agreement to water down financial regulations,” said Warren.
President Obama is trying to discredit Warren and her stance on TPP.
“The truth of the matter is that Elizabeth is, you know, a politician like everybody else,” said the President.
Senator Warren has criticized the secretive nature of the talks, and has stated that the President is trying to fast-track the bill to keep Congress from seeing it.
[Politico][International Business Times] [Photo: Tim Pierce]
” I actually have had supporters of the deal say to me, ‘They have to be secret, because if the American people knew what was actually in them, they would be opposed,” Warren said.