Ben Burr, Executive Director of BlueRibbon Coalition, recently informed the Federal Newswire that both members and supporters of the coalition are in opposition to a proposed rule that would establish a new investment entity known as the Natural Asset Company (NAC). The Securities and Exchange Commission (SEC) is currently considering this rule.
In his statement, Burr expressed concerns about the administrative rulemaking process. "We don’t trust the administrative rulemaking process to effectively create safeguards and mitigation strategies for adverse effects," he said. He further added, "Only the U.S. Congress should be enacting policy changes of this magnitude."
The American Stewards of Liberty (ASL) provided a briefing on October 4, 2023, stating that the SEC proposed a rule approving the establishment of NAC. ASL argues that this new investment product, developed by the Intrinsic Exchange Group (IEG) in collaboration with the New York Stock Exchange (NYSE), aligns with the 30x30 agenda for permanent protection of 30 percent of global land and oceans by 2023. It aims to enable elite investors and governments to profit from safeguarding natural resources due to climate crisis policies. ASL accuses NAC advocates of seeking political and financial dominance over global natural resources, especially within the U.S.
According to information available on the SEC website, during the comment period for the proposed NAC rule, Burr along with BlueRibbon Coalition joined others in expressing their concerns about this new rule.
Burr revealed to Federal Newswire that since 1987, BlueRibbon Coalition has been influencing public land policy to some extent. "Anytime there is major change that could change the center of gravity for how public lands get managed, we are concerned," said Burr. The proposed NAC rule has also raised concerns among members and supporters of his coalition. Burr continued, "Many of our members and supporters have also shared concerns that this will result in foreign ownership or control of public lands that have immense national significance." He further claimed that "this rulemaking violates the major questions doctrine, which requires Congress to address policy changes of this magnitude."
Burr expressed his skepticism about investor ownership and control of ecosystem rights. "We’re not convinced that facilitating investor ownership and control of ecosystem rights is a good thing," he said. He also touched upon the relationship between investor interest and public interest, stating, "investor interest alone doesn’t necessarily offset the public interest in having public goods managed for public benefit instead of the interests of private investors. This will very likely lead to public access restrictions to public lands, which would cause our members irreparable harm."
In BlueRibbon Coalition’s comment to the SEC, Burr mentioned that they suggested the rule comply with Foreign Account Tax Compliance Act (FATCA) and Foreign Investment Risk Review Modernization Act Committee on Foreign Investment in the United States (FIRMA CFIUS). However, he noted, "Even with these improvements, we fundamentally disagree that there is a compelling need to securitize the ecosystem services of the entire planet. The only way to make a return on investment (ROI) possible on such an investment would be to require governments to engineer markets that would be anything but free," Burr said. He added, "The promoters of these NACs have been noticeably quiet about exactly whose wealth will be confiscated or transferred to create the trillions of dollars of ROI they are planning to gain from all of this. The easiest and most obvious target will be the American consumer. Numerous laws exist already to promote conservation on public lands without the need to provide privatized investment returns for conservation interests."