Waters of the U.S. Rule Being Challenged; Trans-Pacific Partnership on Track to Pass

A coalition of 13 states have asked a federal judge to block the controversial Waters of the U.S. rule slated to take effect later this month. The attorney generals for eight of the 13 states filed a motion for a preliminary injunction in U.S. District Court for District of North Dakota. The states argue that the rule will harm the states sovereign interests and their state budgets during the pendency of this litigation. The group wants a nine month implementation delay in order to give the court enough time to review the legal challenges to the rule. The rule is slated to become law August 28th.

Former U.S. Trade Representative Ron Kirk says despite the failure of talks in Hawaii last month, the Trans-Pacific Partnership remains on track to finish within the next 12 months. Kirk told CNBC almost 90 percent of the vast Pacific free-trade agreement had been negotiated, leaving the talks in the "difficult, final stages of a marathon." The TPP fell short of a deal last month due to clashes over dairy and automotive trade. Japan showed less optimism about the trade deal that's already eight years in the making.