Bush hands over reins of U.S. economy to EU

I did not see this headline last week:

At the G-20 economic summit, President Bush agreed to subject the Securities and Exchange Commission (SEC) and our other regulatory agencies to the supervision of a global entity that would critique its regulatory standards and demand changes if it felt they were necessary. According to The Washington Post, it would "examine the books of major financial institutions that operate across national borders so regulators could begin to have a more complete picture of banks' operations." Their scrutiny would extend to hedge funds and to various "exotic" financial instruments. The International Monetary Fund (IMF), a European-dominated operation, would conduct "regular vigorous reviews" of American financial institutions and practices, and would also weigh in on issues like executive compensation and investment practices. There is nothing wrong with the substance of this regulation, and experience is showing it is needed, but it is wrong to delegate these powers to unelected, international institutions with no political accountability.

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