In a February article, The New York Times suggested that opponents of Natural Asset Companies (NACs) were disseminating fear through "spurious" arguments. In response, Marlo Oaks, the State Treasurer of Utah, expressed his disagreement in an interview with the Federal Newswire. He stated that the opposition and concern regarding the implementation of NACs are entirely justified.
"Opposition to Natural Asset Companies resonated with so many because it exposed a proposal that was truly radical and misguided," said Oaks, State Treasurer, Utah. "Efforts to create an entirely new asset class and accounting system based on prohibiting productive and essential economic activities pose a very real and tangible threat that people can see. There's nothing radical about wanting to continue essential economic activities, like agriculture and mineral extraction, which are vital to our day-to-day lives, including the food we eat, the clothes we wear, the electricity we use, and our transportation."
The New York Times piece penned by Lydia Depillis discussed NACs as potential avenues for enhancing environmental sustainability and investment opportunities. The article praised the efforts of Douglas Eger, founder of the Intrinsic Exchange Group and a proponent of NACs. The opposition to Eger's plans was primarily led by American Stewards of Liberty (ASL), a Texas-based organization. ASL voiced concerns about the possible misuse of NACs as instruments for federal land acquisition. These concerns were described by The New York Times as stemming from "deep skepticism."
In an interview with Federal Newswire, Treasurer Oaks offered a different perspective on the issue. He highlighted that NACs' acquisition of land rights could lead to problems such as banning or restricting traditional farming equipment. Under such circumstances, common means of production would be prohibited on grounds of being deemed "unsustainable." According to Oaks, this situation warrants serious concern about future land use.
As per his official website, Oaks was appointed Utah's 26th state treasurer in July 2021 and was elected in November 2022. With a background in investment management, he has been featured on several national programs and news outlets. Oaks is an alumnus of Brigham Young University and UCLA Anderson and holds CAIA and CFA certifications.
