CEI Daily Update
Issues in the News
1. INTERNATIONAL
The Senate Foreign Relations Committee considers the controversial United Nations-sponsored Law of the Sea Treaty (LOST).
CEI Expert Available to Comment: Adjunct Scholar Doug Bandow on the drawbacks to the treaty:
“LOST is not without benefits, but most of those already can be enjoyed without ratifying the treaty. Unfortunately, the costs of joining are too high. Enshrining collectivism as international law to be enforced by a mini-me United Nations would be as foolish as it would be costly.”
2. BUSINESS
Credit unions continue to make inroads into the market for banking services.
CEI Expert Available to Comment: Study author Will McBride on the competition between banks and credit unions:
“Banks have a right to compete with credit unions on a level playing field. However, in some respects, the playing field is not level now. Banks should strive to reduce their own regulatory costs rather than increase those of their competitors. In particular, banks should push to reduce the corporate income tax and eliminate costly regulations such as the Community Reinvestment Act. Banks and credit unions perform too vital an economic function for either to be burdened with unnecessary regulation.”
3. ENERGY
Members of the House Foreign Affairs Committee examine the impact of renewable energy sources on the global environment.
CEI Expert Available to Comment: Director of Energy Policy Myron Ebell on the need to stay realistic about renewables:
“Overselling the potential of renewable energy sources to provide affordable energy does a disservice to people in poor and developing countries. Renewables have their place, but it is currently a small one. Countries that are energy poor are not going to be able to provide electricity to the hundreds of millions of people who don’t yet have electricity by using the most expensive energy sources, such as wind and solar power.”
Blog feature: For more news and analysis, updated throughout the day, visit CEI’s blog, Open Market.
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