BREAKING : The New York Stock Exchange (NYSE) has withdrawn its proposal under consideration by the Securities and Exchange Commission (SEC) that would have allowed for the creation and listing of a new type of company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.
The Notice of Withdrawal can be accessed here: https://www.sec.gov/files/rules/sro/nyse/2024/34-99355.pdf.
Natural Asset Companies
Treasurer Oaks opposed a New York Stock Exchange (NYSE) proposal that was under consideration by the Securities and Exchange Commission (SEC) that would allow for the creation and listing of a new type of company called a Natural Asset Company (NAC) for public investment. The proposal posed a significant risk to rural economies by creating a mechanism for public and private land to be permanently removed from productive use in the name of solving climate change.
“The proposed creation of Natural Asset Companies is one of the greatest threats to rural communities in the history of our country,” Treasurer Oaks said. “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.”
Unlike other types of companies, the purpose of a NAC is to maximize the value of the land’s “ecological services,” rather than generate a profit from traditional activities. "Unsustainable extractive activities" including energy extraction and the use of farm machinery and synthetic fertilizers, would be prohibited on NAC-managed land.
In western states, where the federal government owns more than half of the land and is pushing for more conservation easements, the effect could be devastating. Natural Asset Companies could enroll the easements without the landowners' consent.
Treasurer Oaks said, "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. It is my hope this news signals an end to this horrible idea and that it does not resurface in other venues."
Learn More
- Congressman Curtis introduces bill to prevent Wall Street from controlling Utah’s land: https://treasurer.utah.gov/featured-news/curtis-introduces-bill-to-prevent-wall-street-from-controlling-utahs-land/
- The Notice of NYSE Withdrawal of Proposal: https://www.sec.gov/files/rules/sro/nyse/2024/34-99355.pdf.
- Financial Officer Comment Letter: https://treasurer.utah.gov/wp-content/uploads/NAC-Financial-Officer-Comment-Letter-January-2024.pdf
- December 21 Posting in Federal Register: https://www.govinfo.gov/content/pkg/FR-2023-12-28/html/2023-28611.htm
- American Stewards of Liberty Natural Asset Company Information: https://americanstewards.us/natural-asset-companies/
- Utah Department of Natural Resources Public Lands Policy Coordinating Office Comment Letter to SEC: https://www.sec.gov/comments/sr-nyse-2023-09/srnyse202309-281221-687202.pdf
- State Financial Officers Foundation Letter from 23 State Financial Officers to SEC Chairman Gary Gensler Requesting an Extension to the Natural Asset Companies Public Comment: https://treasurer.utah.gov/wp-content/uploads/SEC_NAC_Extension_Request_Letter.pdf
- Wall Street Journal Op-Ed by Treasurer Marlo Oaks: https://www.wsj.com/articles/biden-administration-invents-companies-that-cant-make-money-ad71f8f3
- Federal Newswire Article by Treasurer Marlo Oaks: https://thefederalnewswire.com/stories/652885320-the-sec-rule-on-natural-asset-companies-will-cripple-land-use-in-america
- Treasurer Marlo Oaks’ interview on The Glenn Beck Program: https://www.podplay.com/podcasts/the-glenn-beck-program-49622/episodes/the-government-wants-to-control-your-air-guests-mark-levin-marlo-oaks-12-13-23-233711396
- Kane County Water Conservancy District Resolution Opposing Natural Asset Companies: https://treasurer.utah.gov/wp-content/uploads/Resolution-2023-8-Opposing-NACs-12-14-2023.pdf
- Letter to SEC from U.S. Senator Mike Crapo (Idaho), U.S. Senator Jim Risch (Idaho), and U.S. Senator Pete Ricketts (Nebraska): https://www.risch.senate.gov/public/_cache/files/2/6/26ede68e-ff87-4f69-b00d-789beab76417/FD5F7F980A061BC97348F90EDE03593D.letter-to-sec-natural-asset-companies-final.pdf
- Conservation Easement or Servitude? 13 Key Points Landowners Should Know About Conservation Easements (American Stewards of Liberty): https://treasurer.utah.gov/wp-content/uploads/Conservation-Easement-or-Servitude.pdf
- Conservation Easements: The Good, The Bad, and The Ugly (Nation Center for Public Policy Research): https://nationalcenter.org/ncppr/2008/05/01/conservation-easements-the-good-the-bad-and-the-ugly-by-dana-joel-gattuso/?fbclid=IwAR32Z-GQbGEl1c1i_5ZXODlPN9KsblHNcB41pZPPSqWsTI-gd_pgJTwfZdQ
- NYSE Listed Company Manual: https://treasurer.utah.gov/wp-content/uploads/NYSE-Manual-34-98665-ex5-1.pdf
- Contact the SEC and your Congressional representatives: https://sovereigntycoalition.org/oppose-the-sell-off-of-americas-land-and-the-sell-out/?fbclid=IwAR0RWLc3zLJKat9eQ8maWKQbZ7KjAD3HUIGuuW46PvtZ_fGcHPsGe8wYeHI
In The News:
- News Release: Curtis introduces bill to prevent Wall Street from controlling Utah’s land (January 19, 2024)
- Just The News: Utah Treasurer takes victory lap after stock exchange pulls ESG rule (Jan. 18, 2024)
- News Release: Treasurer Oaks releases statement on NYSE decision to withdraw Natural Asset Company proposal (January 17, 2024)
- Real Clear Policy: NYSE Proposed Rule Puts America at Risk (January 18, 2024)
- News Release: Treasurer Oaks releases statement on SEC announcement to delay decision on Natural Asset Company proposal and reopen public comments (December 22, 2023)
- Federal Newswire: Opinion: Utah State Treasurer On Natural Asset Companies: 'One Of The Greatest Threats To Rural Communities In The History Of Our Country' (December 13, 2023)
- Rod Arquette Second Interview on NACS (December 13, 2023)
- News Release: Treasurer Oaks and Glenn Beck discuss proposal to allow for the creation of a new type of company designed to lock up private and public lands (December 13, 2023)
- Glenn Beck: The Government Wants to Control Your AIR?! (December 13, 2023)
- News Release: Treasurer Oaks opposes SEC proposal to allow for the creation of a new type of company designed to lock up private and public lands (December 11, 2023)
- The Highwire: UNTANGLING THE CORPORATE TAKEOVER OF OUR WORLD (December 7, 2023)
- Cwic: ESG vs Capitalism (November 30, 2023)
- Rod Arquette Interview on NACs (November 16, 2023)
- Wall Street Journal: Opinion: Companies That Can’t Make Money: The SEC pushes a plan to misallocate capital by buying land and taking it out of productive use (November 15, 2023)