Corrected to note that one Republican also signed this letter.

Today 55 House representatives took a stand against the Panama Free Trade Agreement in an open letter to House Speaker Nancy Pelosi.

After the jump I've posted the full text of the letter, along with the list of those who signed. Here is an excerpt:

We believe trade agreements must meet basic standards protecting labor rights, environmental standards, food safety regulations, financial regulations, and taxation transparency. We are disturbed by Panama's tax haven status and the use of this tax haven by U.S. financial institutions like AIG and Citibank. The U.S. is currently contemplating stricter financial regulations to protect our economy, but the Panama FTA will likely weaken any such effort. We believe the Panama FTA should be renegotiated in order to address these outstanding issues.

President Obama campaigned effectively on changing the trade model and his message resonated with the American people.  We believe the Panama FTA falls far short of that commitment and it is not in the best interests of the American worker, our economy, or our country.  We share your commitment to fighting for working families and believe you can be an effective advocate for our cause.

The House members who signed the letter mostly belong to the Populist Caucus, House Trade Working Group, and/or the Progressive Caucus. One Republican signed: Walter Jones (NC-03).

"Defending American competitiveness by fighting for fair trade principles" is one of the six key priorities for the Populist Caucus, which Bruce Braley (IA-01) formed earlier this year.

Also today, a U.S. Trade Representative announced that the Panama agreement "won't be submitted to Congress for approval until President Barack Obama offers a new 'framework' for trade." At Open Left, David Sirota interpreted that announcement as a victory (albeit possibly only temporary) for the Populist Caucus, its allies and the AFL-CIO, which had already come out against the Panama agreement.

We'll see whether the White House is willing to deviate significantly from the NAFTA model in this agreement. Whatever the final outcome, I am glad to see a large House contingent taking a stand for fair trade.

There's more...

For some time (earlier piece) Rangel has been negotiating with USTR Susan Schwab on terms under which the already signed free trade agreements (technically trade promotion agreements) with Colombia, Peru, Korea and Panama can receive Congressional approval.

(Apparently, under US law, trade agreements are treated as congressional-executive agreements, not treaties.)

The stumbling block has been the Dem demand for a revision to the signed treaties making a commitment by each party to abide by ILO standards enforceable by the other party.

There's more...

Caveat maxime lector.

But Reuters reports today that

The White House and the U.S. Congress are close to a deal on labor and other issues that have blocked approval of free trade pacts with Peru, Colombia and Panama, a senior Democratic lawmaker said on Monday.

"We're very hopeful by the end of the week ... we can overcome the last obstacle that we have," House of Representatives Ways and Means Committee Chairman Charles Rangel, a New York Democrat, said in a speech.

There's more...