The U.S. Securities and Exchange Commission (SEC) has issued a public notice stating that the New York Stock Exchange (NYSE) has withdrawn the proposed rule to approve the creation of "Natural Asset Companies" (NACs) on Wall Street. NACs were conceived as a means for investors and governments to generate earnings from protecting natural resources associated with climate crisis policies.
As reported by the Federal Newswire in fall 2023, the SEC put forth a proposal for new investment vehicles known as NACs. This proposal, developed in collaboration with the Intrinsic Exchange Group (IEG) and in partnership with the NYSE, would allow federal lands, including national parks, to become part of NACs with significant "management authority". The proposal also provides for foreign entities, including China, to establish and invest in NACs.
The SEC's notice reveals that this process has spanned nearly five months. The NYSE initially filed the proposed rule change with the SEC on September 27, 2023, which was then published for comment in the Federal Register on October 4. On December 21, proceedings were initiated by the SEC to determine whether to approve or disapprove the proposed rule change. On January 17, however, the NYSE withdrew this proposed rule change.
According to American Stewards of Liberty (ASL), a non-profit organization that was among the first to identify NACs as a potential "threat", this development is considered a "major victory". ASL expressed gratitude towards those who voiced opposition against NACs on their website. "The scam to sell off America’s land is dead for now," reads an excerpt from their statement.
"When we first discovered this in September of 2021, very few people were even aware of this incredible attempt to fleece American’s property rights," stated Margaret Byfield, Executive Director at ASL. She went on to say, "This victory would not have been possible without the bold and early action from Rep. Harriet Hageman (R-WY), UT Treasurer Marlo Oaks, Senator Pete Ricketts (R-NE) and Chairman Bruce Westerman (R-AK). It also took the dedicated action from our Members who made calls, filed comments and educated their communities. We know they will try to find another way to accomplish this, but now we have an educated force for liberty they cannot ignore."
ASL categorizes NACs as "the way elite investors planned to profit from the protected lands created by Biden’s 30×30 agenda". This refers to President Biden's plan to permanently protect at least 30 percent of U.S. land and water by 2030. ASL claims that while these measures were displacing middle-class Americans from their land, they were also setting the stage for total political and financial control over natural resources.
Established under the Securities Exchange Act of 1934, the SEC operates as an independent federal agency led by a five-member Commission. The members of this Commission collectively establish and enforce rules governing securities markets and their participants.
