U.S. Representative Mark Green (R-Tenn.), the chairman of the House Committee on Homeland Security, has introduced a new bill designed to safeguard America's lands by countering potential future proposals from the Securities and Exchange Commission (SEC) concerning Natural Asset Companies (NACs). The legislation is named the Protect America’s Lands Act.
"NACs have no place in America," said Green. "The Protect America's Lands Act is critical to protect our lands from foreign adversaries and woke billionaire climate activists."
In a recent press release, Green announced that his proposed act would prevent the SEC from allowing NACs to list their holdings on the New York Stock Exchange (NYSE). U.S. Rep. Harriet Hageman (R-Wyo.) also introduced this bill, which received cosponsorship from 27 other members of the House. A companion legislation was introduced in the Senate by Sen. Cynthia Lummis (R-Wyo).
According to Green's press release, on October 4, 2023, the SEC suggested that NYSE should be permitted to list NACs as publicly traded entities with authority over public lands such as national parks and potentially some private lands.
The press release indicated that this proposal was withdrawn in January 2024. However, it emphasized that the fundamental intent of NACs continues to raise concerns about American lands and investor safety. It warned that NACs could enable foreign investors to monetize and manage America's natural resources, raising fears about undisclosed ownership which could indefinitely halt activities like mining and logging on American land.
"NACs are a predatory means for foreign adversaries and radical environmentalists to control and make money off of American lands, both public and private," Green said in the press release. "Since public companies are open to foreign investments, anti-American interests can buy stock in an NAC, giving them ownership of our most valuable resource—land. Most concerning is that NACs could end up being a backdoor for the Chinese Communist Party to control Tennessee’s air, water, and energy. These radical financial instruments would put our lands at risk."
Green, who represents Tennessee's 7th District as stated on his website, began his term on January 3, 2019. His background includes business, military service, emergency medicine, and state politics. In addition to being the chairman for the House Committee on Homeland Security, he is also a member of the House Committee on Foreign Affairs.
