Financial Reform's Internationalism

Financial reform has rebalanced the power of international engagement, reducing the role of the President and his diplomats, and increasing that of Congress and independent agencies. In so doing, the reforms have readjusted a balance that many believe was skewed by the government¿s response to the financial crisis. The international policy of financial reform has doctrinal implications as well: Congress has supplemented traditional international law with an endorsement of international regulatory cooperation. Because of this supplementation, the things that customary international law used to do¿in particular enabling international cooperation and creating innovation in human rights¿are now being done by financial regulators wielding the power of informal agreements.

The privileging of regulatory cooperation, and the entry into human rights through financial regulation, is evidenced by the so- called Conflict Minerals and Resource Extraction Rules that Congress has directed the Securities and Exchange Commission to promulgate.