(KCPW News) The U.S. Chamber of Commerce and the military’s support of the United Nations Convention on the Law of The Sea discussed today by the U.S. Senate isn’t enough to sway Republican Utah Senator Mike Lee. In an exchange with Secretary of State Hillary Clinton, Lee questioned who would have the authority to regulate the mining royalties collected under the treaty.
“So these are the royalties we’re talking about, the escalating royalties that begin at one percent five years into the operation of the treaty, escalate gradually up until they get to seven percent, where they remain thereafter once they achieve that level,” he said.
Utah Senator Orrin Hatch also opposes ratifying the treaty, co-writing an op-ed for Fox News claiming it will sink America’s economy.
Secretary Clinton responded to Lee, noting the United States would have a permanent seat on the International Seabed Authority’s Council to protect its interests.
“The United States would have the right to reject, or in our parlance, veto any decision that would result in a substantive obligation on the United States or that would have financial and budgetary implications,” she said.
Clinton added that under the convention, the United States would see a net gain from how the royalties are distributed, not a loss.
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