A number of individuals and organizations publicly commented on the Security and Exchange Commission's (SEC) consideration of a proposed rule change by the New York Stock Exchange (NYSE) regarding listing standards for Natural Asset Companies (NACs). The SEC granted an extension for further consideration until Jan. 2, 2024.
According to previous reporting by the Federal Newswire, the NYSE has proposed listing NACs, a new investment instrument created in collaboration with the Intrinsic Exchange Group (IEG) and backed by the Rockefeller Foundation and environmental organizations. The IEG envisions a $5,000 trillion natural asset economy, valuing "natural processes" and "ecosystem services." NACs are designed to generate returns through ecotourism, carbon credits and commodity crop production, but concerns have arisen regarding the need for rights to fixed assets, potentially compromising property and natural resource rights.
"The comment period needs to be extended for transparency and accountability concerning public lands and private property rights," Sue Thomas said, according to public comments made available by the SEC. "Our public lands and private property are not for sale and privatizing nature for profit is unconstitutional not for the taking."
A number of comments were submitted via the SEC website that were against the proposed rule. The Jenks Township Board of Supervisors said, "We are in the heart of the Allegheny National Forest and oppose foreign entities or money-hungry investors to have any say in our Country's land and our citizens' properties."
Another submission read: "I am asking you to stop the SEC rule that allows the Listing of 'Natural Asset Companies.' This will lock up too much of our grazing, hunting, sporting and otherwise useful land. This will be a devastating blow to our already tottering economy. Please stop this federal land grab and power grab by radical environmentalists at the expense of our food security!"
In a letter, Margaret Byfield, executive director of American Stewards of Liberty, has urged the SEC to reject this proposal, Federal Newswire reported. Byfield argues that the initiative, though seemingly conservation-focused, could have a broader agenda of gaining political and financial control over global natural resources, especially in the United States.
In general, agencies will specify a comment period ranging from 30 to 60 days, according to a Guide to the Rulemaking Process Prepared by the Office of the Federal Register, but the time period can vary. For complex rulemaking, agencies may provide for longer time periods, such as 180 days or more.
The SEC has extended the comment period to Jan. 2, 2024 after initially only allowing 21 days. More comments can be submitted while the SEC considers the proposed rule change.
