To: The United States House of Representatives and The United States Senate
Dodd-Frank reforms to rein in Wall Street are already under attack. Current trade legislation would make it even easier to undermine and roll back banking regulations in the future. To defend Dodd-Frank and regulate Wall Street, you must reject Fast Track.
Why is this important?
It's no secret that Republicans want to repeal Dodd-Frank regulations of the financial industry. They have already successfully mounted efforts to eat away at the legislation. Now, the Senate is considering Fast Track authority for the Trans-Pacific Partnership trade deal. The Fast Track bill would make it easier for Congress to attack financial reforms further.
Fast Track would mean that any trade deal gets a quick, up-or-down vote in Congress. While it would normally take 60 votes to repeal provisions from Dodd-Frank, if the attack were part of a trade deal, it would require only 50 votes to pass.
Furthermore, if other countries or corporations affected by the trade deal objected to America's domestic laws governing financial institutions, they could sue to have those laws overturned.
Republican presidential hopefuls like Senator Ted Cruz have made no secret that they want to do away with Dodd-Frank. The current Fast Track legislation would be the secret weapon for those who want to kill reforms and let Wall Street run wild.
"Why Obama is Wrong and Warren is Right on Trade Bill Quarrel," Bloomberg Politics, May 15, 2015