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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.