On Thursday afternoon, Senate Finance Committee Chairman Max Baucus (pictured), a Democrat from Montana, introduced a trade promotion authority (TPA) bill that would give U.S. President Obama the ability to "fast track" trade deals like the Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership through Congress with minimal debate. Voices on theleft and right oppose the move but the TPA's big business supporters believe it isessential to getting the pacific and European deals passed without a bothersome democratic process.
The fast-track bill, which was co-sponsored by Republicans Orrin Hatch (Utah) and Dave Camp (Michigan), would deprive Congress of the opportunity to amend or filibuster trade agreements. It goes further than similar 2002 legislation by giving "marching orders" to U.S. trade officials on issues like the treatment of state-owned enterprises and so-called localization barriers ("buy local" policies), currency manipulation, intellectual property rights, and how Congress should be consulted during the negotiating process.