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Outrageous TPP Investment Chapter provisions:
(1) prohibit federal, state, and local governments from regulating foreign companies operating in America. They'll have greater rights than US firms.
(2) incentivize corporate America to invest abroad and offshore more jobs to low wage countries.
(3) establish a two-track legal system. Foreign firms will be exempt from US laws. They'll be able to sue federal, state and local governments in foreign courts. At issue is demanding compensation for financial, health, environmental, land use, and other laws they claim undermine their rights.
(4) let foreign corporations demand and receive compensation for costs incurred in complying with US financial or environmental regulations that apply equally to all companies globally.
Hundreds of US corporate officials have access to TPP provisions. They're advising US negotiators on what they want. Except for leaks, the public is entirely shut out.
US Trade Representative Ron Kirk defended TPP secrecy despite having no leg to stand on. According to Wallach:
He "effectively has said that the administration must keep TPP secret because otherwise it won't be able to shove this deal past the public and Congress.""The airing of this one TPP chapter, which greatly favors foreign corporations over domestic businesses and the public interest and exposes us to significant financial liabilities, shows that the whole draft text must be released immediately so it can be reviewed and debated."
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