If anything, this is an infringement on the sovereignty of Mexico and Canada since it allows the US to control the process by which people and product enter those countries. This is generally referred to as "pushing out our borders".
As for the congressional oversight, Ron Paul knows very well that Luger has a bill in the Senate that was also introduced into the House by Katherine Harris. In 2005.
Ben, you'd have to be blind as a bat not to understand that this is merely the start of a process that will usher in the FTAA. There will be oversight alright. It will consist of two representatives from each participating nation. That's right, Venezuela will have as much power on that board (or whatever you want to call it) as we do. Please explain how such a scenario will be the United States dominating. And please explain how this will be good for a nation trying to control it's own security, when other nations will be voting against us on border, trade and a whole host of other issues that will be intertwined.
As for trade, I don't consider it god. It is merely one aspect of a thriving nation, not the be all end all.
We have zero ability to control the corrupt oligarchy referred to as Mexico..and we never will short of a military invasion. However, Mexico has adversely impacted the U.S.