Statement of Lori Wallach, Director of Public Citizen’s Global Trade Watch, on Text of Trade in Services Agreement (TISA) Financial Services Text that Has Been Posted on Wikileaks Today

For Immediate Release

Contact: 

Dan Hockensmith: (202) 454-5108, dhockensmith@citizen.org

Statement of Lori Wallach, Director of Public Citizen’s Global Trade Watch, on Text of Trade in Services Agreement (TISA) Financial Services Text that Has Been Posted on Wikileaks Today

WASHINGTON - “If the text that was leaked today went into force, it would roll back the improvements made after the global financial crisis to safeguard consumers and financial stability and cement us into the extreme deregulatory model of the 1990s that led to the crisis in the first place and the billions in losses to consumers and governments.

"This is a text that big banks and financial speculators may love but that could do real damage to the rest of us. It includes a provision that is literally called ‘standstill’ that would forbid countries from improving financial regulation and would lock them into whatever policies they had on the books in the past.”

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Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.

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