Sink the Law of the Sea Treaty

The Law of the Sea treaty just passed Committee in Washington the other day. It is moving to a vote in the full Senate, sometime in the next couple of months.
I had not heard or read much about this treaty until the past week or so, none of which was good.
In my research, I located this article from 2004 by the Cato Institute.

Cato Institute:

"President Bush has demonstrated his willingness to stand alone internationally. Yet for little better reason than go-along, get-along multilateralism, the administration is now pushing the Senate to ratify the Law of the Sea Treaty, which was just unanimously voted out of Richard Lugar's Senate Foreign Relations Committee. At a committee meeting in February, Lugar noted a wide range of support from American interests 'for U.S. accession to be completed swiftly.' However, the treaty is a flawed document, and there would be serious costs from accepting it. The Law of the Sea Treaty originated in the 1970s as part of the United Nations' redistributionist agenda known as the 'New International Economic Order.' The convention covers such issues as fishing and navigation, but the controversy arose mainly over seabed mining. In essence, the Law of the Sea Treaty was designed to transfer wealth and technology from the industrialized states to the Third World. Two decades ago, President Ronald Reagan ignored criticism of American unilateralism and refused to sign the treaty. U.S. leadership caused the Europeans and even the Soviet Union to stay out. Many Third World states eventually acknowledged the treaty's many flaws."