– Chris West – (CC BY 2.0)

An agreement that would free companies engaged in international trade from rules imposed by national governments to protect labor, environmental and other interests has cleared a key committee in the U.S. Congress.

Reuters reports via The Guardian:

Democrats and Republicans clashed over proposals to punish countries that manipulate their currencies to gain an export edge and ways to give lawmakers more leverage over trade deals like the 12-nation Trans-Pacific Partnership.

Despite the partisan wrangling, the vote in the House of Representatives’ Ways and Means Committee on Thursday marked an important step forward for the legislation, which would prohibit Congress from amending trade deals and allow for simple yes-or-no votes.

Obama and major US trade partners, including Japan, have said the measure is vital to seal the TPP deal.

A companion “fast-track” bill cleared a Senate panel on Wednesday and both are now ready for action in their respective chambers.

Read more here.

— Posted by Alexander Reed Kelly.

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#capitalism#congress#neoliberal#regulation#trade deal