Marlo Oaks, the Utah state treasurer, recently appeared before the U.S. House Committee on Natural Resources to testify in a hearing titled "Monetizing Nature and Locking up Public Land: The Implications of Biden's Strategy for Natural Capital Accounting." During his testimony, Oaks expressed concerns that despite the withdrawal of the Natural Asset Company (NAC) proposal, the Biden Administration continues to attempt to control public land use, causing potential harm to local economies and landowners.
Oaks revealed in his testimony that in September 2023, the New York Stock Exchange (NYSE) proposed a new investment vehicle known as NACs. This proposal was met with criticism from opponents who viewed it as an attempt to permanently seize U.S. lands. NACs would have had authority over federal, state, and private lands and would have permitted foreign investors, such as Russia and China, to manage and control lands within the U.S. Due to the potential risks this proposal posed to local economies and communities and subsequent pushback it received, it was eventually withdrawn.
"Although the proposal was withdrawn," said Oaks during his testimony, "efforts to leverage backdoor land-use regulation to address climate change and biodiversity issues continue." He argued that attempts by the Biden Administration to control U.S. lands persist through initiatives like Natural Capital Accounts (NCAs), which bear similarities with the principles of the earlier NAC proposal. Moreover, Oaks suggested that these won't be the last attempts aimed at seizing American lands.
In his argumentation, Oaks highlighted that federal restrictions placed on public lands are detrimental to agricultural economies—particularly those in Western U.S., including his home state of Utah. He contended that local mixed-use approaches adopted by farmers and ranchers are superior compared to proposals that restrict land uses and transfer control to private entities or even foreign investors. According to Oaks, while one can question an accountable executive branch through state delegations, there is no guarantee of influence over private entities once control is transferred to them.
"Natural Asset Companies, Natural Capital Accounts, and conservation leases on public lands are deeply flawed ideas," Oaks stated. "By attempting to assign a financial value to ecological services and performance rights, we open the door to subjective interpretations and potential abuse." He concluded his testimony by urging the committee to resist these attempts which he believes contravene property laws and pose continuous threats to U.S. property owners.
As per his official website, Oaks serves as Utah's 26th state treasurer. He assumed office in July 2021 through appointment and later secured election in November 2022 to complete the term of his predecessor. Oaks is one of only two state treasurers with institutional investment management expertise.
