Four Democratic U.S. Senators, Elizabeth Warren (Massachusetts), Jeff Merkley (Oregon), Richard Blumenthal (Connecticut), and Tammy Baldwin (Wisconsin), have introduced an amendment aimed at preventing future administrations from weakening financial regulations, according to an announcement on Warren's website.
The amendment would prevent the use of Fast Track authority to pass a trade deal that would stop lawmakers from tearing away at the Dodd-Frank Act, which Republicans have been attempting to do virtually since it was enacted five years ago.
"This President supports financial reform – but he cannot stop the next President from caving to the big banks in a future trade deal," Warren said. "With European officials, Republicans, and giant banks on both sides of the Atlantic pushing hard to undermine financial regulation in the upcoming TTIP agreement, this amendment is the best way to ensure that future Presidents can't use this fast track bill to undermine Dodd-Frank."
Democrats have vowed to protect Dodd-Frank and oppose any legislation that they believe would reduce the controversial Wall Street reform and consumer protection law.
"It's no secret that big banks and many European nations are pushing hard to relax financial regulations in upcoming trade negotiations," Merkley said. "This amendment is imperative to making sure that TPA doesn't become the ‘fast track' to chopping away at Dodd-Frank and jettisoning key consumer protections."
Click here to read the full text of the amendment.
Warren, the chief architect of the Consumer Financial Protection Bureau which was created from Dodd-Frank, just last week introduced the Bailout Prevention Act, a bipartisan bill co-sponsored by Senator David Vitter (R-Louisiana) that would limit the Federal Reserve's lending authority and end "too big to fail."
On Tuesday, the same day as the amendment was introduced, Warren, along with Joe Manchin (D-West Virginia) proposed the Trade Transparency Act, which would require the president to release the text of any trade agreement at least 60 days before Congress grants Fast Track authority for approval of the agreement.
"The Trade Transparency Act would ensure that the public, experts, and the press can engage in meaningful debate over the terms of trade deals before Congress reduces its ability to shape, amend, or block those deals," Warren said. "Before Congress ties its hands on trade deals, the American people should be allowed to see for themselves whether these agreements are good for them."
The full text of the Trade Transparency Act can be accessed by clicking here.