Elizabeth Warren’s Trade Deal Fears Confirmed: Canada Uses NAFTA to Challenge Volcker Rule

[pampango]

34. "Canada's Department of Finance could not point to a specific provision of NAFTA that the Volcker

might violate."

(Canada's Finance Minister Joe) Oliver’s comments, however, are the first to link the Volcker rule directly to NAFTA, which covers trade between Canada, Mexico and the U.S. Free trade agreements like NAFTA and the TPP include dispute-settlement provisions that allow partner nations -- and corporations -- to bring challenges to domestic policy.

But the slim chances of winning a claim against the U.S. suggest that Oliver's provocations might be more political than pragmatic. "The idea that Dodd-Frank’s going to be repealed or even modified because of trade agreements is kind of far-fetched," Lester says. "But even a challenge makes headlines."

Reached for comment, Canada's Department of Finance could not point to a specific provision of NAFTA that the Volcker rule might violate. The agency declined to comment further on Oliver's remarks.

Negotiations over a concurrent trade deal with European partners have foundered over similar concerns, as member countries debate the inclusion of financial services policies. Ironically, it’s the Obama administration that has thrown up roadblocks over that deal, arguing that its banking provisions clash with American financial reforms.

http://www.ibtimes.com/trans-pacific-partnership-canadian-officials-salvo-against-key-dodd-frank-provision-1922574