A memorandum from the House Subcommittee on Oversight and Investigations has expressed concerns that the Biden administration's attempts to establish a national valuation system for natural assets, in line with United Nations standards, could potentially jeopardize the governance of federal lands and waters. The hearing is titled "Bidenomics & Land Management: The Misguided National Strategy to Develop Environmental Economic Decisions."
The memo was released by the House Committee on Natural Resources, indicating that the Subcommittee on Oversight and Investigations will convene a hearing on February 15 to discuss the current administration’s push for a "Natural Capital Accounting" system.
The memo suggests that the Biden Administration’s "America the Beautiful initiative," which seeks to conserve 30% of American lands and waters by 2030, is being utilized to restrict access to these areas. It further warns that the Biden administration plans to implement Natural Capital Accounting as a means of enhancing the "America the Beautiful" project.
According to this document, Natural Asset Companies (NACs) represent a novel approach towards resource management. These companies are designed to hold ecological performance rights and were proposed by the Securities and Exchange Commission (SEC) for inclusion in the New York Stock Exchange. However, this proposal was withdrawn in January due to public opposition, but there remains pressure for NACs' integration into public markets. Notably, NACs have been specifically mentioned in the current administration's Natural Capital Accounting strategy.
The memo asserts: "Instead of using Natural Capital Accounting and ESV [Ecosystem Services Valuation] to promote nonpartisan aims, the Biden administration intends to use natural capital accounting as another weapon in the arsenal of federal power, beholden to anti-use nonprofits and eco-activists, to lock up America’s public lands and waters."
As per its page on the House Committee on Natural Resources website, it is stated that oversight responsibilities of federal agencies and programs fall under purview of "Oversight and Investigations" subcommittee. This subcommittee emphasizes efficiency, accountability, and transparency within the Interior, Energy, Agriculture, and Commerce Departments. The members aim to ensure better utilization of taxpayer dollars by addressing policy abuse.
