The Law of the Sea Treaty, if passed, would spread redistribution of wealth schemes to a worldwide platform.  Private companies would have no incentive to efficiently utilize the mineral resources of the ocean. 

The United Nations has gone through some tough times recently, from allegations that peacekeeping operations are chock full of waste and abuse to news headlines about U.N. mismanagement of the Iraqi Oil-for-Food program. Its image battered, the U.N. is now turning to the United States Senate to deliver some good news (to it, at least) by ratifying the Law of the Sea Treaty (which goes by the wonderful acronym LOST). LOST operates under the assumption that any minerals in the ocean floor constitute the “common heritage” of all mankind — and therefore cannot be the property of any one individual, company, or nation.
This treaty is an affront to American national sovereignty. It would give the United Nations authority over much of the world’s oceans, including the power to regulate and tax deep-sea mining, and redistribute the proceeds to Third World governments. Moreover, its “hortatory language” provisions are a loaded weapon that activist trial lawyers could easily wield to force the U.S. to adopt laws that the American people’s elected representatives otherwise would not.

This morning, the Senate Foreign Relations Committee voted 17-4 to send the Law of the Sea Treaty to the Senate floor for ratification. The result was expected — though still disappointing — so now the real fight begins. The vote count was as follows:

Yes votes
Joseph Biden (D-Del.)
Christopher Dodd (D-Conn.)
John Kerry (D-Mass.)
Russell Feingold (D-Wisc.)
Barbara Boxer (D-Calif.)
Bill Nelson (D-Fla.)
Barack Obama (D-Ill.)
Robert Menendez (D-N.J.)
Benjamin Cardin (D-Md.)
Robert Casey (D-Pa.)
Jim Webb (D-Va.)
Richard Lugar (R-Ind.)
Chuck Hagel (R-Neb.)
Bob Corker (R-Tenn.)
John Sununu (R-N.H.)
George Voinovich (R-OH)
Lisa Murkowski (R-AK)

No votes
Norm Coleman (R-Minn.)
Johnny Isakson (R-Ga.)
David Vitter (R-La.)
Jim DeMint (R-S.C.)

Law of the Sea Treaty > Environmental Policy