These provisions will allow these multinational corporations to sue governments, including ours, in "corporate courts" if they decide to pass laws and regulations that restrain the profits of these giant corporations, such as efforts to help citizens quit smoking.
The provisions in question are called investor-state dispute settlement (ISDS) and let corporations take cases to a tribunal made up of corporate attorneys instead of civil courts.
These attorneys will then decide if countries have passed laws or imposed regulations, including health, environmental, labor, consumer and other protections that cause these companies to lose profits.
The law professors' letter asks Congress and the USTR to ensure that language is not included in proposed trade agreements like the TPP.
The letter concludes:
ISDS threatens domestic sovereignty by empowering foreign corporations to bypass domestic court systems and privately enforce terms of a trade agreement.
It weakens the rule of law by removing the procedural protections of the justice system and using an unaccountable, unreviewable system of adjudication.The scholars' statement is available online here and the letter itself is also available.
The letter was organized and released by the Alliance for Justice.