Proposal would have caused significant harm to rural economies by removing land from productive use
SALT LAKE CITY – January 17, 2024 – Utah Treasurer Marlo M. Oaks issued the following statement regarding an announcement the New York Stock Exchange (NYSE) has withdrawn its proposal under consideration by the Securities and Exchange Commission (SEC) that would have allowed for the creation and listing of a new type of company called Natural Asset Companies (NACs) for public investment.
I am pleased by the NYSE’s decision to withdraw this dangerous proposal. I appreciate the efforts of so many to provide input to the SEC, NYSE, and their elected representatives. This news illustrates the impact of public engagement on important issues.
The proposed creation of Natural Asset Companies is one of the greatest threats to rural communities in the history of our nation. Under the proposal, private interests, including foreign-controlled sovereign wealth funds, could use their capital to purchase or manage farmland, national and state parks, and other mineral-rich areas and stop essential economic activities like farming, grazing, and energy extraction. Recreating on Utah’s incredible natural lands could also face significant curtailment.
It is my hope this news signals an end to this horrible idea and that it does not resurface in other venues.
The Notice of Withdrawal can be accessed here: https://www.sec.gov/files/rules/sro/nyse/2024/34-99355.pdf.
Learn more about Natural Asset Companies at https://treasurer.utah.gov/natural-asset-companies/.
Brittany Griffin, Policy and Communications Deputy
Utah Office of State Treasurer