Global regulations are a violation of the US Constitution. Obama however is calling for them.
Obama Says Financial Regulations Must Be Strengthened Globally
A Harvard education ain't what it used to be.
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Evidently literacy ain't what it used to be either.
ReplyDeleteFirst, having all countries strengthen their domestic financial regulations is not the same as "global regulations." Indeed, the article you link actually says, "The administration has proposed an overhaul of U.S. financial regulations including oversight of the systemic risk large financial institutions pose to the economy, new ways for the government to dismantle failed companies and a regulator to oversee financial products for consumers."
If Obama is actually calling for "global regulations," why does the article you link say he is calling for an overhaul of "U.S. financial regulations"?
Second, the U.S. Constitution expressly provides for the federal government to make treaties with foreign nations, and states, "This Constitution, and the Laws of the United States which shall be made in Pursuance thereof; and all Treaties made, or which shall be made, under the Authority of the United States, shall be the supreme Law of the Land."
In the absence of treaties, our government cannot ensure that an action it takes will be met with the same action by another country. This is why the U.S. government makes free-trade treaties, to ensure that if we open our market to goods and services from a foreign country, that country also will open its market to U.S. goods and services.