Top Dems Want Trade Pacts To Allow Blanket Capital Controls

Law360, New York (May 24, 2012, 4:50 PM EDT) -- A pair of top Democratic lawmakers on Thursday called on the Obama administration to make clear that the U.S. is free under international trade pacts to institute capital controls to shore up its banking system in an emergency.

In a letter to Treasury Secretary Timothy Geithner, Rep. Barney Frank, D-Mass., and Rep. Sander Levin, D-Mich., said they were concerned that the U.S. had not injected language that allowed it to restrict capital inflows and outflows throughout the country's banking system in free trade agreements and bilateral...
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