GLOBALIZATION AND TRADE

» Alternatives To Corporate Globalization

» Democracy, Sovereignty and Federalism

» Deregulation and Access to Services

» Import Safety, Environment and Health

» Jobs, Wages and Economic Outcomes

» NAFTA, WTO, Other Trade Pacts

» Other Issues

Trade Data Center

One-stop shop for searchable
trade databases, case lists & more

Eyes on Trade

Public Citizen's Global Trade Watch blog on globalization and trade

Connect with GTW

What's New - Global Trade Watch


Buy our book: The Rise and Fall of Fast Track Trade Authority - Updated and Expanded Edition

View 'What's New' Archives

Learn More

G-20 Call for Financial Reregulation Clashes With Push to Complete WTO Doha Round – Which Mandates New Deregulation

Statement of Lori Wallach, Director, Public Citizen’s Global Trade Watch Division

Posted: 9/25/2009

That numerous countries don't support the World Trade Organization (WTO) Doha Round's agenda of further financial services deregulation and expansion of the existing WTO model given the damage that is already done is not going to be overcome by world leaders once again urging a rapid conclusion to the talks. Instead of pushing for further WTO expansion, G-20 leaders should agree to an agenda that reverses the existing WTO limits on financial regulation and that rolls back the way that existing WTO rules leach into non-trade domestic areas that undermine important public interest policies.

The G-20 leaders have announced a very perplexing plan of action that calls for reregulation of the financial sector to try to avoid the next economic crisis while simultaneously calling for completion of the WTO Doha Round, which would require additional financial deregulation, including new WTO limits on accounting standards through a text the disgraced Arthur Andersen firm had a hand in formulating.

Perversely, the Europeans at the G-20 have been the strongest proponents of a new global floor of financial regulation while simultaneously being the strongest proponents pushing for a G-20 agreement on a new deadline for completion of the WTO Doha Round, which European negotiators have packed with new financial deregulation requirements. The G-20 leaders cannot have it both ways: They cannot follow through on desperately needed reregulation of the financial sector while also pushing for completion of the WTO Doha Round, which requires additional financial deregulation.

Copyright © 2014 Public Citizen. Some rights reserved. Non-commercial use of text and images in which Public Citizen holds the copyright is permitted, with attribution, under the terms and conditions of a Creative Commons License. This Web site is shared by Public Citizen Inc. and Public Citizen Foundation. Learn More about the distinction between these two components of Public Citizen.


Public Citizen, Inc. and Public Citizen Foundation

 

Together, two separate corporate entities called Public Citizen, Inc. and Public Citizen Foundation, Inc., form Public Citizen. Both entities are part of the same overall organization, and this Web site refers to the two organizations collectively as Public Citizen.

Although the work of the two components overlaps, some activities are done by one component and not the other. The primary distinction is with respect to lobbying activity. Public Citizen, Inc., an IRS § 501(c)(4) entity, lobbies Congress to advance Public Citizen’s mission of protecting public health and safety, advancing government transparency, and urging corporate accountability. Public Citizen Foundation, however, is an IRS § 501(c)(3) organization. Accordingly, its ability to engage in lobbying is limited by federal law, but it may receive donations that are tax-deductible by the contributor. Public Citizen Inc. does most of the lobbying activity discussed on the Public Citizen Web site. Public Citizen Foundation performs most of the litigation and education activities discussed on the Web site.

You may make a contribution to Public Citizen, Inc., Public Citizen Foundation, or both. Contributions to both organizations are used to support our public interest work. However, each Public Citizen component will use only the funds contributed directly to it to carry out the activities it conducts as part of Public Citizen’s mission. Only gifts to the Foundation are tax-deductible. Individuals who want to join Public Citizen should make a contribution to Public Citizen, Inc., which will not be tax deductible.

 

To become a member of Public Citizen, click here.
To become a member and make an additional tax-deductible donation to Public Citizen Foundation, click here.