The Property and Environment Research Center (PERC) is acknowledging the passage of the Colorado River Indian Tribes Water Resiliency Act, signed into law by President Biden on January 5, 2023. This legislation allows the Colorado River Indian Tribes to lease or exchange a portion of their water rights with other users in the Lower Colorado River Basin. The aim is to promote water conservation, enhance tribal sovereignty, provide new revenue opportunities for tribes, and assist western communities in avoiding expensive water reduction mandates during droughts.

"This is a significant win for tribal sovereignty and water conservation, particularly in the midst of a historic drought and dangerously low water levels," stated PERC CEO Brian Yablonski. He expressed gratitude towards Sen. Kelly (D-AZ) for his leadership, the tribes for their commitment, and advocates of water markets for conservation.

PERC has been an advocate for using water markets as a tool for conservation and supported this bill's passage. Last year, they released a policy brief titled "Addressing Institutional Barriers to Native American Water Markets," which argued for granting tribes sovereignty over their water resources. Their efforts were aligned with those of tribal leaders dedicated to addressing this issue and ensuring the health of the Colorado River.

Western states are currently experiencing one of the most severe droughts in decades. Lake Mead reached its lowest recorded level last year, affecting 25 million people who rely on it for water supply. The federal government declared an unprecedented water shortage on the Colorado River, leading to mandatory reductions across several western states that have affected ecosystems, communities, agriculture, and food costs. This regional scarcity underscores the need for effective water markets to promote conservation and allocate resources efficiently.