The Securities and Exchange Commission (SEC) has issued an official announcement, indicating the reopening of comments on the proposed rule for Natural Asset Companies (NAC). The extended deadline for submitting comments is now set for January 18.
According to American Stewards of Liberty (ASL), this marks the second time the SEC has delayed the approval of NACs. This time, they are instituting proceedings requiring applicants to demonstrate that NACs do not violate securities law. ASL characterizes the SEC's announcement as "a major victory for the property rights movement" in their most recent press release, a result of mounting pressure from advocacy groups and political figures urging a deeper examination of potential implications of the NAC framework.
On December 27, Frank Gaffney, from the Center for Security Policy, led a webinar discussing the potential impact of NACs on our nation, as reported by the Committee on the Present Danger: China. The panel included Utah Treasurer Marlo Oaks, Executive Vice President of the State Financial Officers Foundation Noah Wall, Executive Director of ASL Margaret Byfield, former President of Mitsubishi Power Dave Walsh, Dr. James Lindsay, author of "Cynical Theories," and Brian Kennedy, chairman of the Committee on the Present Danger: China.
On October 4, in collaboration with Intrinsic Exchange Group (IEG) and in partnership with NYSE, SEC proposed new investment vehicles known as "Natural Asset Companies (NACs)." According to Federal Newswire, this proposed rule would allow federal lands, including national parks, to become part of NACs. These NACs would be granted significant "management authority," while also allowing foreign interests including China to create and invest in NACs. This could potentially grant them influence over U.S. federal lands and profits from their protection.
"NACs are a direct threat to oil and gas production, mineral development, and the farming and ranching communities," ASL says. "It is the fleecing of American’s property rights, consolidation of power, and transfer of wealth on an international scale."
After SEC issued their proposed rule to approve NACs, they initially allowed only 21 days for comment and 45 days for review. After major concerns were raised by ASL and its partners, the decision-making time was extended to January 2.
In response to the additional extension, U.S. Rep. Harriet Hageman (R-Wyo.) said, "The SEC tried to quickly sneak NACs past Congress and the American public. Thirty-one members of the House of Representatives joined me in a letter demanding a longer public comment period than the ridiculous 21 days originally provided. I am happy to report that today the SEC quietly published an order extending the deadline for comments on the proposed NAC rule. The order issued by the SEC sets forth additional information and addresses concerns regarding how NACs would operate and areas of inquiry. I encourage all of you to weigh in on this potentially devastating effort to securitize our national heritage lands and private property rights! This development just goes to show that we should never give up, and that our voices do matter. We must be willing to engage and fight back against the radical Biden administration whenever we can."
NACs permit inclusion of assets like National Parks, state and federal resources, and private land conservation easements for private financial gain, according to ASL. They also generate a new investment opportunity for "the wealthy elite" by monetizing natural processes, potentially involving foreign adversaries aiming to profit by restricting American access to natural resources.
