The problem with the US keeping their eyes on it is that you can't trust them. All you need is a few lobbyists and rules and regulations seem to be just words. Hell, Net Neutrality had plenty of people "keeping their eyes on it" too.
The US still has the largest arsenal of nerve gas in the world, much of it which is still in the queue to be destroyed, much of it still leaking.
I'd prefer if drilling for oil in the gulf were illegal, not legal with regulatory oversite, for example. I don't think a pessimistic outlook on the reliability of federal oversight is unwarranted, given my (admittedly dim) view of how the process has worked in the past.
To be more constructive: I'm up for substantive suggestions for ensuring more transparent and reliable oversite than exists today.