Proposal could cause significant harm to rural economies by removing land from productive use
SALT LAKE CITY – December 22, 2023 – Utah Treasurer Marlo M. Oaks issued the following statement regarding an announcement that the Securities and Exchange Commission is delaying the decision on the New York Stock Exchange’s (NYSE) Natural Asset Company proposal, reopening public comments, and instituting proceedings:
I am encouraged by the SEC’s announcement and hopeful this dangerous proposal will receive the scrutiny it deserves, rather than a rubber stamp approval.
The proposed creation of Natural Asset Companies is one of the greatest threats to rural communities in the history of our country. 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.
I encourage all Utahns to submit a comment on the proposal and contact your Congressional, state, and local representatives to share your perspective.
The SEC announcement can be accessed here: https://www.sec.gov/files/rules/sro/nyse/2023/34-99225.pdf.
The official SEC publication will be posted in the coming days. At that point, public comments will reopen for 21 days.
Learn more about Natural Asset Companies at https://treasurer.utah.gov/natural-asset-companies/.
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