Washington, D.C. – Representatives Mark Green (TN-07) and Harriet Hageman (WY-AL) introduced the Protect America’s Lands Act, which prevents the Securities and Exchange Commission (SEC) from implementing rules that would allow Natural Asset Companies (NACs) to list their assets on the New York Stock Exchange (NYSE).
Senator Cynthia Lummis of Wyoming also introduced a companion bill in the Senate. 27 Members of Congress cosponsored the House bill.
Publicly listing NACs would allow foreign investors to monetize and control America’s natural resources. This could create a dangerous situation in which our nation’s natural resources are owned by mystery investors who can unilaterally stop activities like mining and logging on America’s land…forever.
Green said, “As a hunter, I’ve been a lifelong conservationist. That’s why I was so concerned when I heard about a proposed Securities and Exchange Commission rule regarding Natural Asset Companies (NACs).”
“NACs are a predatory means for foreign adversaries and radical environmentalists to control and make money off of American lands, both public and private. Since public companies are open to foreign investments, anti-American interests can buy stock in an NAC, giving them ownership of our most valuable resource—land. Most concerning is that NACs could end up being a backdoor for the Chinese Communist Party to control Tennessee’s air, water, and energy. These radical financial instruments would put our lands at risk.”
“NACs have no place in America. The Protect America’s Lands Act is critical to protect our lands from foreign adversaries and woke billionaire climate activists.”
Hageman said, “NACs would change U.S. land access, management, use, and ownership as we know it. As if that weren’t bad enough, as proposed, there are no limits placed on who can buy these lands—China, Russia, Iran, and other bad actors would be free to participate and shut down U.S. energy, mineral and food production.”
“The Joe Biden administration tried to rush through a rule allowing for the creation of these NACs, allowing almost zero time for public comment—all to appease the radical climate change worshippers on the left. Through hard work and pressure on the SEC we were able to force the NYSE to pull its proposed rule that would have allowed for the creation of NACs. This legislation will ensure that this horrible “investment” scheme cannot be brought back without an act of Congress. The bottom line is that we must take back lawmaking authority from the administrative state before even more of our security, freedoms and rights are taken away.”
Lummis said: “Wyoming’s economy depends on access to federal land as our landscapes generate income for multiple industries and draw thousands of people to the Cowboy State each year. Allowing NACs to be listed on stock exchanges would create a backdoor way for activist liberal investors to implement the Green New Deal by locking up millions of acres of land. The people of Wyoming will always be the best stewards of our land, not activists and certainly not foreign nationals.”
List of Cosponsors
Dan Newhouse (WA-04); Ryan Zinke (MT-01); Matt Rosendale (MT-02); Keith Self (TX-03); Pete Sessions (TX-17); Michael Cloud (TX-27); Lauren Boebert (CO-03); Doug Lamborn (CO-05); Russ Fulcher (ID-01); Jim Banks (IN-03); Tim Burchett (TN-02); Andy Ogles (TN-05); Dan Bishop (NC-08); Chuck Edwards (NC-11); Ralph Norman (SC-05); Mike Bost (IL-12); Mary Miller (IL-15); John Curtis (UT-03); Warren Davidson (OH-08); Byron Donalds (FL-19); Ronald Estes (KS-04); Michelle Fischbach (MN-07); Pete Stauber (MN-08); Alex Mooney (WV-02); John Moolenaar (MI-02); Clay Higgins (LA-03).
Background
The Protect America’s Lands Act amends the Securities and Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC) from permitting the listing of securities on exchanges issued by natural asset companies or NACs.
On October 4th, 2023, the SEC issued notice of a proposed rule change to allow the NYSE to list NACs as public companies that could have control over national parks, federal land, and even private land. Although this rule was withdrawn in January, the intent still poses a threat to American finances and investor security.
Read the Protect America’s Lands Act here.
Read Rep. Hageman’s op-ed here.
Read the exclusive from Fox News’ Thomas Catenacci here.
