Warren goes on offense to stop Pacific trade deal

Sen. Elizabeth WarrenElizabeth Ann WarrenFix the flaw in financial self-regulation Power struggle threatens to sink bank legislation Feinstein faces new pressure from left over CIA nominee MORE (D-Mass.) on Thursday went on the offensive in her efforts to stop a pending Asia-Pacific deal from moving through Congress this year.

Warren, in a new video released by Credo Action, said the United States shouldn’t move forward with the Trans-Pacific Partnership (TPP) because the 12-nation agreement benefits corporations instead of U.S. workers.

Warren, who has campaigned for presumptive Democratic presidential nominee Hillary ClintonHillary Diane Rodham ClintonTrump adds to legal team after attacks on Mueller Press: You can’t believe a word he says Feehery: March Madness MORE and is considered a possible pick for vice president, said trade supporters want Americans to think that the TPP is about setting the rules of international trade.

“TPP isn’t about helping American workers set the rules,” Warren said.

“It’s about letting giant corporations rig the rules — on everything from patent protection to food safety standards — all to benefit themselves,” she said. 

Clinton advocated for the TPP while she was secretary of State but came out opposed to the deal after its completion in October. 

More than a year ago, Warren publicly sparred with President Obama and other White House officials over the investor state dispute settlement (ISDS) process that she argued would allow foreign corporations to bypass courts and instead go through "industry-friendly arbitration panels."

“It sounds wonky, but this is the part that gives a huge boost to big multinational companies when they want to challenge a country’s laws they don’t like," Warren said.

“It will be open season on laws that make people safer but cut into corporate profits.”

Warren argued that the ISDS process could be used to weaken U.S. regulations on sectors from financial markets to environmental laws. 

Meanwhile, Obama is urging Congress to pass the agreement as soon as possible, but at the latest after the November elections in the lame-duck session, or risk letting the deal slip away indefinitely.

Chances for passage this year remain uncertain with the Obama administration and Republican leaders in Congress still trying to resolve lawmakers' concerns.