In 1966, as the last FCN treaty awaited signature, the Senate sought to strengthen the rule of law with respect to investment by giving advice and consent to ratification of the ICSID Convention, which provided a forum for arbitration of disputes between investors and host states. The Convention was particularly supported by liberal Democrats who were heirs to the liberal internationalist tradition of the New Deal. Meanwhile, in 1959, Germany had inaugurated a series of bilateral investment treaties (BITs) that consisted largely of counterparts to the investment-related provisions of the U.S. postwar FCN treaties. After several other European countries emulated Germany’s example, the Carter administration launched a U.S. BIT program, ending the 200-year-old FCN treaty program. The U.S. BITs included successors to the investment-related provisions of the U.S. postwar FCN treaties and a few innovations from European BIT practice, most notably a provision for investor-state arbitration before ICSID.
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