U.S. Senator Cynthia Lummis (R-Wyo.) has commended the New York Stock Exchange's (NYSE) decision to retract the proposed Natural Asset Company (NAC) rule. Before this development, Lummis had collaborated with fellow Wyoming Congresswoman U.S. Representative Harriet Hageman (R-Wyo.) in expressing opposition to the rule.
As reported by the Federal Newswire, the Security and Exchange Commission (SEC) announced on Jan. 19 that NYSE had withdrawn its proposed NAC rule on Wall Street. The Federal Newswire also cited E&E News, which highlighted a proposal from Intrinsic Exchange Group (IEG), put forward two years ago for nature conservation investors. Backed by NYSE and organizations such as the Rockefeller Foundation, this initiative sought to allocate conservation funds in a dedicated space. However, it faced criticism due to its potential to allow investors and governments to profit from natural resources.
According to a press release from Lummis, she said, "The New York Stock Exchange’s decision not to list natural asset companies is a huge victory for Wyoming and dismantles the Biden administration’s latest land grab attempt." She further criticized the current administration for empowering "radical environmental activists" at the expense of western industry and lifestyle. Lummis expressed her resolve to defend against what she perceives as attempts by "elite green new deal extremists" to exploit NACs for their agenda.
Lummis informed Fence Post that she teamed up with Hageman in 2023 to question the legality of this proposal before the SEC.
Fence Post reported that Rep. Hageman, who was part of the opposition, pointed out stakeholder objections, legal challenges, and threats posed by the proposal to key land management statutes. Hageman stressed that NACs could potentially hinder economic development, citing an unsuccessful attempt during Obama's presidency for a similar program. She argued against allowing NACs to dictate land use, asserting that it could harm the very resources they aim to protect.
In a final statement from Lummis's press release, she said that this decision represents a victory for Wyoming. The potential adverse effects on the state, resulting from NACs' ability to raise capital, acquire rights to natural assets, and limit activities such as mining, grazing, logging, and recreation on affected public or private lands have been successfully avoided.
According to her official website, Lummis has roots in cattle ranching and is a co-founder of the House Freedom Caucus, which advocates for fiscal responsibility in Congress. Lummis continues to work towards Wyoming's interests. She has previously served as the state treasurer and held various roles in state government.
