Big Win! – NYSE Withdraws Rule Change to Allow NACs
Washington, DC – Today, the Securities and Exchange Commission issued a statement that the New York Stock Exchange (NYSE) was withdrawing a proposed rule change which would have allowed the Exchange’s listing of Natural Asset Companies (NACs). This proposal was of questionable legality and would allow for the buying and selling of undefined “rights” to certain private and public lands, including to foreign nations and noncitizens, to terminate and prevent all economic activity on such properties.
Rep. Hageman stated, “On December 28th, and in response to a letter that I led to the Securities and Exchange Commission (SEC), a change to the public comment period for NACs was announced which extended the period until January 18th. I have heard from many individuals and organizations that have now been able to submit their concerns on these dangerous NACs because of this extension. Simultaneously I have been working with colleagues in both the House and Senate to block this rule legislatively.
“Just a few minutes ago, the NYSE provided notice to the SEC that it was withdrawing its proposed rule change that would have allowed these harmful NACs to be traded. This is a clear win for farmers, ranchers, loggers, miners, energy producers, energy users, and all who enjoy the use of public lands. It is also a clear sign that when the insidious policies being considered by this administration are exposed, they can be defeated. I want to thank everyone that joined me in this fight, because without all your support we could never have been so successful so fast. This just goes to show that the feckless polices of this administration and nameless bureaucrats can be stopped when we work together to bring common sense back to Washington, DC.”
Background:
On October 4, 2023, the SEC proposed a rule to approve the New York Stock Exchange’s (NYSE) listing of NACs. This proposal is complex and based on a nontraditional investing mechanism of questionable legality that would allow for the buying and selling of undefined “rights” to certain private and public lands, including to foreign nations and noncitizens, to terminate and prevent all economic activity on such properties. Once in control of the land, NACs will be prohibited from engaging in “unsustainable activities”, including fossil fuel development, mining, logging, and grazing. On January 17th the SEC issued a statement on the withdrawal of the proposed rule.
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Contact: Chris Berardi, Sr. Advisor/Communications Director