Treasury Floats Financial Services Data Fix For TPP; Legal Text To Come

The Obama administration has briefed financial services firms and congressional committees on how it plans to address their complaints about the Trans-Pacific Partnership agreement's failure to cover the sector in a ban on local data storage requirements, according to informed sources. The proposal would apply to future trade agreements and not change TPP, nor would the administration seek a side letter to the TPP deal, these sources said. The industry had initially advocated for a side letter to TPP. The...