U.S Representative John Curtis (R-Utah) has expressed his opposition to the control of public land by Natural Asset Companies (NACs). His comments come in the wake of the Security and Exchange Commission's (SEC) recent withdrawal of a proposal to add NAC listing standards to the New York Stock Exchange (NYSE).
Curtis stated, "Wall Street shouldn’t be allowed to control Utah’s land just to meet with ESG goals,". He further added, "Western communities rely on public lands for their livelihoods, recreation, and more". The Representative also warned that "This rule, and any similar proposal to authorize Natural Asset Companies, is a direct threat to that way of life."
A press release from Curtis' office explains that a bill was introduced in Utah on January 19th with the aim of protecting public lands from NACs. These companies were proposed by the SEC in fall 2023 as entities that could legally acquire rights to "natural assets" - resources such as air, water, and minerals - from previous owners, whether private or public. Despite the SEC's recent retraction of this proposal due to "widespread opposition", Curtis' bill seeks to thwart future attempts at similar legislation empowering NACs.
Utah’s treasurer Marlo Oaks is also in support of this new legislation. According to the same release, Oaks referred to NACs as "one of the greatest threats to rural America in our nation's history,". He voiced concerns about these companies gaining management rights which could potentially expose private and public lands to foreign control and prohibit "essential economic activities" like energy extraction and farming. Highlighting that the federal government already owns 67% of land in Utah, Oaks predicted that NACs would have "devastating" effects.
Curtis has been serving Utah's 3rd Congressional District since 2017 according to his website biography. His legislative efforts focus on public lands management, human trafficking, and small business support. The website also notes that Curtis is a former mayor and small business owner.
