Hageman Leads Letter Calling Out the Dangers of Natural Asset Corporations

Washington, DC – Today, Rep. Harriet Hageman, along with 31 cosigners, sent a letter to Securities and Exchange Commission (SEC) Chairman Erik Gerding demanding answers to several questions and an extension of the public comment period for their Natural Asset Companies (NAC) rule. 

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, and the proposal cites the need for this because radical environmental policies and ESG are not moving fast enough.

Rep. Hageman stated, “This misguided ‘rule’ has the potential to fundamentally change U.S. land access, management, use, and ownership as we know it. As if that weren’t bad enough, the rule places no limits on who can buy these lands – China, Russia, Iran, and other bad actors would be free to participate and shut down U.S. energy and mineral production. The Biden administration is worshipping at the climate change altar – and the sacrifice they are offering is use of the land that belongs to all of us.

“The SEC clearly does not want the public to know about this rule or comment on it, as it has only provided a 21-day comment period. Our letter demands answers to four fundamental questions: What are the “unique listing requirements” the NYSE refers to? Does the SEC claim oversight authority of NACs? If so, what oversight activities will the SEC perform in regard to NACs? By what right does the SEC have to confer “management authority” over federal lands?

“The bottom line is that this is more bad rulemaking by Biden’s bureaucrats that would take away more of our rights, and it must be stopped.”

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Contact: Chris Berardi, Sr. Advisor/Communications Director