Traditional Anglican ping, continued in memory of its founder Arlin Adams. Its underlying assumption is that the current heirarchy of the Episcopal Church represents "the constitutional body" governing this province of the Anglican Communion.
But as Williams pointed out in his "reflections", membership in the Communion isn't something that a prospective province can simply proclaim, in full assurance that they'll be accepted as such without question.
As it stands now, most of the rest of the Communion is not willing to accept TEC on its own say-so, and thus it is unlikely that the current version of TEC would be accepted as the "constitutional body" from which they'd accept a proposed covenant.
That leaves open the rather obvious question of who does represent the "constitutional body" of our province. I'd expect the Southern Cone meeting in September to start laying the groundwork for a change in who's "the province."