Thursday, January 7, 2016

So now the US is being sued by TransCanada

Over rejection of the Keystone XL Pipeline, thanks to the Investor State Dispute Settlement section of NAFTA. Meaning the trade agreement's provision allows a corporate to sue a government if it interfere's with its profits. And the arbitration panel overseeing the suit is governed by corporate lawyers who otherwise represent corporate clients in these very same lawsuits. The same provision is in the TPP. Free trade, eh?

Senator Warren said:

"President Obama’s wise decision to reject the Keystone XL pipeline could end up costing American taxpayers billions of dollars. That’s because TransCanada, the foreign oil company hoping to build the pipeline, has challenged his decision using the Investor-State Dispute Settlement (ISDS) process in NAFTA – giving an unaccountable panel of international lawyers the power to award the oil company billions in damages for the pipeline not being built without any appeal or review by American courts. This is just the latest example of how ISDS can discourage countries from protecting the environment and acting in the best interest of working families instead of corporations. Congress should oppose the inclusion of ISDS in the massive new Trans-Pacific Partnership trade deal. ISDS was a bad idea for NAFTA, and it’s a bad idea for TPP."

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