By Mike Griffith, Staff Writer
In a truly disturbing move at the G-20 summit concluded a couple days ago, President Obama agreed to a plan that would put the U.S. financial market under international control. Here is part of the official G-20 communique on this plan:
"We agree to a framework of internationally agreed upon high standards. We will set up a financial stability board with a strengthened mandate to extend regulation and oversight to all systemically important financial institutions, instruments and markets. . . . [and] to endorse and implement tough new principles on paying (ph) compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms." (http://www.g20.org/Documents/Fin_Deps_Fin_Reg_Annex_020409_-_1615_final.pdf)
If President Obama succeeds in implementing this plan, he essentially would be creating world economic governance. This newly created board, the Financial Stability Board (FSB), would make decisions on what standards our own SEC and Federal Reserve should apply to all U.S. firms of any significant size about market activities, executive compensation, and a whole range of other issues.
Under the G-20 plan that President Obama has endorsed, as a member of the FSB the U.S. would be obligated to "implement international financial standards" and would have to undergo "periodic peer reviews" that would be partly based on IMF and World Bank reports. (Yes, these are the same IMF and World Bank that have wasted untold billions of dollars through incompetence and corruption.) I again quote from the communique:
"Members of the FSB commit to pursue the maintenance of financial stability, enhance the openness and transparency of the financial sector, and implement international financial standards (including the 12 key International Standards and Codes), and agree to undergo periodic peer reviews, using among other evidence IMF / World Bank public Financial Sector Assessment Program reports." (http://www.g20.org/Documents/Fin_Deps_Fin_Reg_Annex_020409_-_1615_final.pdf)
Now, an agreement of this nature would surely require Congressional approval. This plan would constitute a far-reaching treaty, not to mention a huge surrender of American sovereignty. Therefore, at a minimum, it should be voted on by the U.S. Senate.
President Obama’s agreement with the G-20 plan should trouble and anger Americans of all political stripes. Few Americans want some international body telling our SEC and our financial firms what to do.
It remains to be seen if President Obama will really try to implement this agreement or if this was merely an empty public gesture. If he actually attempts to put the U.S. financial market under international control, this would be a brazenly unconstitutional move and a violation of his oath of office. If he does proceed in this direction, Americans from all across the political spectrum should rise up in opposition and demand that their elected representatives reject this unconstitutional scheme.
Sources for Further Study:
Obama Begins Turnover of USA Sovereignty to International Body
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