"Unprecedented" is a word being thrown around in discussion of the Fast Track bill, scheduled for what now looks to be a cliff-hanger vote in the House on Thursday. But as several lawmakers and watchdog groups have pointed out, one need look no further than NAFTA Chapter 11 for some ugly forecasts of what's to come if the fast-track legislation -- H.R. 3005 -- is passed.
NAFTA's Chapter 11 investment rules have allowed the Canadian-based Methanex corporation, for instance, to sue the United States for $1 billion because of a California law that phases out MTBE, a gas additive and carcinogen found to be contaminating the state's water. And this is only one of 15 cases that companies in the three NAFTA countries have pursued, with claims totaling over $13 billion.