Apologies if someone answered this one already. I'm not even halfway through this thread yet. You are probably referring to the Law of the Sea Treaty. Bush has come out in favor of this and I've yet to figure out why exactly. Both Cato and Heritage are curious, as well. I haven't studied it thoroughly, but at first glance it appears to have underwater Kyoto Protocol implications. If anyone knows more, please feel free to add info.
I must be in a vacuum because I had not heard that President Bush favored this LOST (as in wish it would get LOST) proposal. Thanks for the update.