A proposed rule by the SEC to list America’s natural assets on the NYSE could transfer control of vast lands and resources to major corporations.
By yourNEWS Media Newsroom
A controversial proposed rule by the Securities and Exchange Commission (SEC) aims to list Natural Asset Companies (NACs) on the New York Stock Exchange, potentially allowing corporations like BlackRock, Vanguard, and even foreign entities to own, manage, and trade America’s protected lands and waters. If enacted, this rule could see the financialization of National Parks, Wildlife Refuges, and other conserved areas.
Since the early 2000s, financial giants like Goldman Sachs have attempted to create markets for environmental assets, including carbon credits. Their 2005 carbon exchange eventually failed, and their Climate Exchange-Traded Fund (ETF) is now facing delisting. The Environmental, Social, and Governance (ESG) investment trend has also encountered difficulties, with investments dropping by $163 billion in the first quarter of 2023 alone.
The SEC’s proposed rule to create NACs includes a 21-day comment period, half the usual minimum. NACs would allow entities like BlackRock, Bill Gates, and potentially even the Chinese government to control ecosystem rights to enrolled properties, including air, water, land, and natural processes. Each NAC would have “management authority” over these lands.
Eligible properties for NACs include National Parks, Wildlife Refuges, Wilderness Areas, Areas of Critical Environmental Concern, Conservation Areas on Private and Federal Lands, Endangered Species Critical Habitat, and the Conservation Reserve Program. This rule could lead to U.S. conserved lands being controlled by some of the world’s wealthiest people, with management decisions made by them.
Opposition has been significant. Organizations like American Stewards of Liberty, the Kansas Natural Resource Coalition, and Blue Ribbon Coalition have filed comments against the proposal. Republican senators Pete Ricketts, James Risch, and Mike Crapo have raised pointed queries to the SEC, while Rep. Harriet Hageman (R-WY) introduced an amendment to defund the SEC proposed rule to approve listing “NACs.”
Utah Treasurer Marlo Oaks warned that the proposal could remove land from productive use, threatening rural economies. He noted that private and foreign interests could purchase or manage farmland, national and state parks, and other mineral-rich areas, stopping essential economic activities like farming and energy extraction. Oaks stressed that the proposal remains a threat despite the withdrawal of the initial rule, as the agenda to financialize natural assets continues.