The Trans-Pacific Partnership (TPP) represents a once-in-a-generation opportunity for America to set the rules for global trade in the 21st century. The agreement aims to expand access to the world’s fastest-growing markets, even as we enshrine higher standards of protection for workers and consumers.
Recently, questions have arisen over how we will protect the progress toward a safer financial system that we have made since the crisis in the context of these trade negotiations. President Obama inherited a financial crisis that was the consequence of years of poor financial regulation, and he made Wall Street reform a top priority as he worked with Congress to craft a set of historic protections that ultimately became the Dodd-Frank Act. Since he signed that legislation in 2010, his Administration has made significant progress implementing its key provisions. Just as important, the President has pushed for stronger rules across the globe through the G-20 and other venues, and he has also fought against repeated attempts to undermine Wall Street reform here at home. He will do whatever it takes to make our financial system stronger and more stable.
As for TPP, there is nothing in the proposed agreement that would have inhibited our decisive response to the recent financial crisis or that would dilute the important financial reforms we have implemented over the past four years. There is also nothing that would prevent us from taking similar steps in the future. The President will not allow this agreement to undermine essential financial reforms.
On the contrary, this agreement will raise standards and level the playing field for American companies to compete abroad, including for services suppliers, the largest sector of our economy. TPP will also provide investor protections to benefit the 23 million Americans who work for U.S. firms doing business overseas.
Finally, it is important to note that TPP protects the right of governments to regulate in the public interest. The United States wouldn’t negotiate away its right to regulate in the public interest – with regard to public health and safety, the financial sector, the environment, or any other area.