WASHINGTON—Today, Reps. Mark Green (TN-07) and Harriet Hageman (WY-AL) introduced the Protect America’s Lands Act to prevent the Securities and Exchange Commission (SEC) from creating a new type of company called Natural Asset Companies (NACs).
Under the Biden administration, the New York Stock Exchange submitted a proposal to the Securities and Exchange Commission that would have allowed the public investment and ownership of American natural resources. This radical plan could have included the sale of public forests and farmland in a scheme to prevent all economic activity on these lands. If this proposal had not been withdrawn, it could have paved the way for foreign investors as well as climate activists to control important federal lands, putting energy and food production at risk. The House bill was cosponsored by 19 Members of Congress.
Green said, “There is no question that the creation of NACs would be a major mistake. Allowing foreign adversaries to purchase federally owned land is as stupid as it gets. Paving the way for radical environmental activists to sequester land in perpetuity is just as short-sighted. Kicking hunters, ranchers, farmers, and energy producers off of America’s lands to make way for activists and foreign adversaries is a danger to our national security and energy independence.
As a hunter and conservationist myself, I won’t stand by and let these lands fall into the wrong hands. We've seen the unnecessary harm neglected lands can cause with the recent wildfires in California. I’d hate to see this pattern of willful neglect copied across the country.
As a national security matter, allowing any of our foreign adversaries the opportunity to purchase these essential lands would be extremely foolish—and some might even argue an abuse of the public trust. From cyber intrusions to espionage campaigns, the Chinese Communist Party is waiting in the wings for any chance to exploit our weaknesses—we can’t give it that opportunity. My bill will protect American lands and the benefits they provide to the American people.”
Rep. Hageman said, “NACs were part of the previous administration’s natural capital accounting strategy seeking to impose the global 30x30 agenda on America’s lands. This has the potential to fundamentally change U.S. land access, management, use, and ownership, opening the door for foreign adversaries like China to shut down American energy, mineral, and food production. Thanks to opposition from the American people and their representatives in Congress, the NYSE did not allow NAC’s to be listed on its exchange. Now the Republican trifecta can ensure NACs will never be used as a backdoor to lock up our lands and the Protect America’s Lands Act will cement that protection into law, safeguarding our resources from radical environmentalists and hostile foreign control.”
Former Secretary of the Interior Rep. Zinke said, “There is no reason American land should be sold to the Chinese Communist Party or any of America’s foreign adversaries. Natural Asset Companies are ways for radical environmentalist and foreign governments to buy land and shut out American businesses. This bill will halt forever the Biden era policy that would have allowed these companies to be publicly traded, shutting out foreign actors completely. American land is for American use, full stop.”
Chairman of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party Rep. Moolenaar said, “President Biden is out of office, but his dangerous proposal to list Natural Asset Companies on the stock exchange must never come back. It was a bad idea that would leave our public lands vulnerable to foreign adversaries. The Protect America’s Land Act will kill Biden’s proposal once and for all, and help safeguard our nation’s land.”
Margaret Byfield, Executive Director of American Stewards of Liberty said, “The attempt to monetize natural functions like air, pollination, and photosynthesis nearly occurred last year when proponents of the green new deal attempted to create Natural Asset Companies (NACs). Doing so was a deceptive way for investors, including adversaries such as China, to gain control of America’s land and natural resources. This bill, filed by Chairman’s Green and Hageman, will ensure NACs can never be created in the future, and America’s assets will always belong to the people."
List of cosponsors:
This bill was cosponsored by Harriet Hageman (R-WY); Tim Burchett (R-TN); Andrew Ogles (R-TN); Mary E. Miller (R-IL); Ron Estes (R-KS); Ralph Norman (R-SC); Dan Newhouse (R-WA); John Moolenaar (R-MI); Clay Higgins (R-LA); Ryan K. Zinke (R-MT); Michael Guest (R-MS); Elijah Crane (R-AZ); Cliff Bentz (R-OR); Ben Cline (R-VA); Troy Downing (R-MT); Randy Weber (R-TX); Celeste Maloy (R-UT), Mike Collins (R-GA), and Jefferson Van Drew (R-NJ).
Background:
The Protect America’s Lands Act amends the Securities and Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC) from permitting the listing of securities on exchanges issued by natural asset companies or NACs.
On October 4, 2023, the SEC issued notice of a proposed rule change to allow the NYSE to list NACs as public companies that could have control over national parks, federal land, and even private land. The Biden administration’s intention in creating this new business classification was to lock down 30% of America’s land and waters by 2030, according to Derek Kreifels, CEO of the State Financial Officers Foundation. Although this rule was withdrawn in January, the intent still poses a threat to American finances and investor security.
Read the Protect America’s Lands Act here.
Read our previous press release here.
Read Rep. Hageman’s op-ed here or in Federal Newswire here.
Read the exclusive from Fox News’ Thomas Catenacci here.
Read about the bill from American Stewards here.
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