Mike Michaud: “I thank Madam Speaker. This weekend, Senator John Edwards announced his opposition to the Peru Trade Agreement. The…”

“I thank Madam Speaker. This weekend, Senator John Edwards announced his opposition to the Peru Trade Agreement. The reason? As his statement says, "All of these agreements replicate the terrible features of NAFTA." Senator Edwards is right. It is more of the same old, same old. A leading Presidential candidate is saying it. The American people are sick of it. And so why is Congress pushing for it? Why would we push for a steady stream of lost jobs that gives incentives to multinational corporations to move overseas? Why would we agree to an agreement that would displace peasant farmers who would be forced to migrate to the United States? The American public aren't fooled. Campaign finance reform hasn't stopped the incredible financial influence of multinational corporations. These corporations are weighing in with the candidates, even Citibank. Take, for example, the provisions hidden in the Peru FTA. As Senator Edwards points out, "Buried deep in the 800-page text of the Peru FTA are ambiguous provisions that could allow U.S. banks to demand compensation if Peru reverses its disastrous social security privatization." The Peru FTA contains provisions that could allow Citibank to demand compensation in FTA foreign investor protection tribunals from the Peruvian Government if Peru seeks to reverse its failed social security privatization.”