SEC withdraws rule to allow listing of Natural Asset Companies

WASHINGTON, D.C., January 18, 2024 — The Securities and Exchange Commission issued a statement that the New York Stock Exchange (NYSE) was withdrawing a proposed rule change which would have allowed the Exchange’s listing of Natural Asset Companies (NACs).

This proposal would have allowed for the buying and selling of undefined “rights” to certain private and public lands, including to foreign nations and noncitizens, to terminate and prevent all economic activity on the properties, including national parks, national forests, and private lands with a conservation easement in place.

The public comment period was initially just 21 days, though it was extended after a number of lawmakers objected, including Wyoming’s Rep. Hageman and Sen. Cynthia Lummis. Lummis called the proposed NACs the Biden administration’s latest land grab attempt. She said, “For far too long, this administration has openly empowered radical environmental activists to use the full force of the federal government to jeopardize Western industry and threaten the way of life we cherish.”

In a release, Hageman said: This is a clear win for farmers, ranchers, loggers, miners, energy producers, energy users, and all who enjoy the use of public lands. It is also a clear sign that when the insidious policies being considered by this administration are exposed, they can be defeated. I want to thank everyone that joined me in this fight, because without all your support we could never have been so successful so fast. This just goes to show that the feckless polices of this administration and nameless bureaucrats can be stopped when we work together to bring common sense back to Washington, DC.”

NACs would have been be prohibited from engaging in “unsustainable activities”, including fossil fuel development, mining, logging, and grazing, resulting not in conservation but preservation and a ceasing of multiple uses.

Source: Western Ag Network