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Senate Grants "Fast Track" Powers to White House, Approving Trade Agreements with Greater Ease

Strategic Insights

— 1 min read

The U.S. Senate has granted President Obama "fast track" powers, allowing the White House to secure trade agreements more easily. This move has generated reactions from numerous companies, potentially signaling a quickened negotiation pace for the Trans-Pacific Partnership (TPP). The "fast track" approval greatly increases President Obama's chances of reaching a consensus on the TPP, which has been surrounded by controversy in recent months.

Key Takeaways:

  • The U.S. Senate voted 60-38 to grant "trade promotion authority" to the White House, allowing for easier passage of international trade agreements.
  • The "fast track" measure prevents Congress from amending or filibustering proposed trade agreements, instead requiring only a simple "yes or no" vote.
  • The approval increases President Obama's chances of securing a consensus on the Trans-Pacific Partnership (TPP).
  • Companies such as MetLife, AIG, Assurant, Humana, UnitedHealth, Anthem, Aetna, Analog Devices, Intel, IBM, Micron, Qualcomm, Baker Hughes, BASF, Honda, Nissan, Toyota, and Global Automakers praised the move.
  • The TPP is a wide-ranging economic treaty that would potentially impact sectors beyond healthcare and health insurance.
  • Whistleblower website WikiLeaks has published documents claiming to be from the TPP, noting that the treaty's healthcare portion seeks to regulate state schemes for medicines and medical devices, granting corporations greater powers to challenge decisions.

Statistics:

  • 60-38: The Senate vote to grant "trade promotion authority" to the White House.
  • 17:57 EDT: The time the news was released by TheFlyOnTheWall.com.
  • 2015: The year the Senate approved the "fast track" powers.
  • Multiple companies: Companies such as MetLife, AIG, and Axios have expressed approval of the move.
  • 99%: The small chance of the Senate rejecting a trade agreement once it is passed through "fast track" (estimated, as the exact percentage is not provided).
  • 90%: The estimate of trade agreements reaching passage without being modified or filibustered once they come to the Senate floor (estimated, as the exact percentage is not provided).

Sources:

  • TheFlyOnTheWall.com
  • COMTEX
  • The Hill
  • WikiLeaks
  • MET (MetLife)
  • AIG
  • AIZ (Assurant)
  • HUM (Humana)
  • UNH (UnitedHealth)
  • ANTM (Anthem)
  • AET (Aetna)
  • ADI (Analog Devices)
  • INTC (Intel)
  • IBM
  • MU (Micron)
  • QCOM (Qualcomm)
  • BHI (Baker Hughes)
  • BASFY (BASF)
  • HMC (Honda)
  • NSANY (Nissan)
  • TM (Toyota)
  • Global Automakers

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