In October, the SEC proposed a rule that would allow for Natural Asset Companies to be traded on the New York Stock Exchange as a means of investment. NACs, the latest attempt to implement radical climate goals, will be able to purchase the water, mineral, air, and other resource rights of land for the express purpose of preventing the use of those lands. This proposal cites the need for the creation of NACs as ESG and Democrat anti-energy policies are not moving fast enough. In short, the most radical public and private policies are not enough for liberal activists.
If approved, any investor will be able to own the rights to not only private property, but state and federal property, including our National Parks. I say any investor, because the rule provides no restriction on who can own the rights to these resources: Russia, China, Iran, and other adversaries will be able to lock up billions of dollars-worth of American energy and minerals, reducing our ability to power our homes and making us dependent on them for valuable materials and resources.
This proposed rule portends massive, far-reaching consequences for land ownership and management in the United States, yet the SEC originally tried to approve this rule with only 21 days for public comment and a meager 45 days of review.
WY It Matters:
The disasters this rule will wreak on American resource production and national security are unfathomable. With no true plan for implementation, the SEC is looking to approve a never before seen financial mechanism that not only will prevent mining, logging, grazing, and other crucial activities, take away our private land rights, but will also enrich our nation's enemies by letting them control our land while forcing us to pay hand over fist for foreign resources.
The proposed rule lacks clarity on listing requirements, oversight authority, a regulatory strategy, and a legal basis by which the SEC can claim authority over federal lands. My colleagues and I made this abundantly plain in a recent letter to SEC Chair Gerding exposing the immense failures of this disastrous rule.
Allowing this rule to go through will fundamentally change property rights in our nation, providing yet another revenue stream for activist elites while handicapping development activities that are crucial to the existence of Wyoming's communities and small businesses. I am firmly opposed to this backdoor implementation of ESG goals and am fighting to prevent its implementation, as evidenced by my successful letter asking the SEC to extend their comment period until January 18.
What You Can Do:
1) Watch this webinar explaining how China can weaponize NACs against us.
2) Read this article by Utah Treasurer Marlo Oaks, who called NACs "one of the greatest threats to rural communities in the history of our country."
3) Review the SEC's notice and rule.
2) Submit your own comment to the SEC voicing your view on if NACs should be approved.
3) Complete my poll below to let me know your thoughts on this issue.
Should China and Russia be able to control America's natural resources?
Taking this survey will sign you up for future news and updates from my office.
I Want to Hear From You!
I cannot do my job without your support and input. Thank you for the calls, letters, emails, and questions you have sent to our offices. Please continue to reach out via the contact information below, and stay up to date on all the latest activities and legislation by subscribing and sharing this newsletter and our Facebook, Twitter, and YouTube accounts with your friends and family!
Rep. Harriet Hageman
Member of Congress