As initially announced, the Treasury purchase of toxic waste would not extend to the U.S. establishments of foreign financial institutions. Mohammad Fadel at Toronto University asked in a private exchange whether this restriction would violate US obligations under GATS or NAFTA. According to the NYTimes, Treasury is now considering extending this facility to all U.S. based financial institutions, whatever their nationality. Is this extension a matter of obligation? It certainly is wise, in the sense that the ownership of the banks is irrelevant to their role in the U.S. financial system. But will this produce a demagogic reaction in Congress or by the candidates? Will arguments about U.S. obligations under GATS or NAFTA tamp down or ratchet up such a reaction?