First appearance on Fox: Republicans on the House Natural Resources Committee are going after the Biden administration over a proposal to open public lands to private ownership, a proposal that policy critics argue poses energy and national security risks. ing.
Republican lawmakers, led by Natural Resources Committee Chairman Bruce Westerman (R-Arkansas), securities and exchange commission The agency announced it has launched an investigation into controversial proposed rule changes that would allow a new type of public company, so-called natural asset companies (NACs), to trade on the New York Stock Exchange (NYSE).
According to Intrinsic Exchange Group, which worked with the New York Stock Exchange to develop the new corporate taxonomy, the NAC is a company that “protects, restores, and grows the natural assets under its management to foster healthy ecosystems.” It is a type of company that is authorized to Once this rule is finalized, NAC will be able to be traded publicly.
In a letter to SEC Chairman Gary Gensler, House Republicans wrote, “The Committee recognizes the potential that the NAC has for the management of federal lands, the effective protection of wildlife habitat, and the responsible development of natural resources.'' “We are deeply concerned about the potential consequences.” and Haoxiang Zhu, director of the SEC's Division of Trading and Markets.
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House Natural Resources Committee Chairman Bruce Westerman (R-Arkansas) speaks during a press conference after the House Republican meeting at the U.S. Capitol on March 28, 2023. (Kevin Dietsch/Getty Images)
“Most notably, the proposed rules would allow private investors to manage and manage national parks and other public lands, representing an unprecedented power grab and usurpation of federal authority. Yes,” they continued. “This possibility is alarming, but combined with the proposal's arbitrary designations and unclear language, it could have dire consequences for the statutory multi-use mandate of federal lands and the responsible development of America's natural resources. There is a sex.”
Under the Federal Land Policy and Management Act of 1976, Congress established so-called “multiple use” and sustainable yield obligations. The law requires the Interior Department to open up land it manages to a variety of uses, including energy development, grazing, recreation, and mining.
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However, environmentalists are lobbying the federal government to open the land for conservation purposes, a move that the Bureau of Land Management is actively pursuing and is consistent with the SEC's NAC proposal.
The NYSE claims that NAC “captures the essential and productive values of nature and provides a store of value based on the critical assets that support our entire economy and enable life on Earth.” Natural assets that can be grouped into NACs include forests, wetlands, coral reefs, as well as working areas such as farms.
Securities and Exchange Commission Chairman Gary Gensler testifies at a House Appropriations Subcommittee hearing on March 29, 2023. (Al Drago/Bloomberg via Getty Images)
But Republicans further warned in Thursday's letter that activities on federal lands managed by the NAC are “determined by the whims of environmentalists” rather than Congress or government scientists. And they said NAC could lead to the offshoring of energy production to countries with poor human rights and environmental records, while also opening the door to foreign ownership of public property.
“Additionally, as part of the Committee's continued oversight of foreign interests seeking to influence U.S. environmental, natural resource, and energy policy, the Committee will We are concerned,” Westerman and other lawmakers concluded.
“For example, allowing foreign capital to finance companies that control public lands and explicitly prohibit domestic mineral production undermines U.S. economic competitiveness, national security, and the security of our allies. “This is a surefire way to increase our nation's dependence on critical minerals while increasing the value of the minerals,” they wrote. . “This is unacceptable.”
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Survey will arrive within 1 month After the SEC agreed to the postponement. It could expedite rulemaking on this issue and give stakeholders more time to consider proposals. The delay was requested by Republican state finance officials from 22 states, who called for a “reasonable public comment process” rather than a rushed process.
Republican Kansas Attorney General Kris Kobach holds a press conference outside his office in Topeka, Kansas, on May 1, 2023. Kobach told Fox News Digital that the NAC “would violate multiple laws, prohibit the productive economic use of the relevant lands, and prohibit the productive economic use of the relevant lands.” he said. De facto takeover of public lands by private organizations and foreign actors. ” (AP Photo/John Hannah, File)
A group of 25 attorneys general led by Utah Attorney General Sean Reyes and Kansas Attorney General Kris Kobach. Submit comments to SEC It called on authorities to withdraw the NAC proposal earlier this week.
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“The approval of a state-owned asset company would be a disastrous development. It would violate multiple laws, prohibit the productive economic use of the relevant land, and facilitate the effective takeover of public lands by private entities and foreign actors. ''Kobach told FOX News Digital. on Thursday. “We're going to make sure this doesn't happen.”
Utah State Treasurer Marlo Oakes added, “NAC poses a national security risk because foreign adversaries could invest in NAC and lock up natural resources.” “This will further increase our dependence on foreign countries for essential resources, not to mention the potential shortages that may result.”
An oil rig stands in the Loco Hills oil field near Artesia, New Mexico. NAC could inhibit future oil drilling and resource development on public lands. (AP Photo/Jeri Clausing, File)
Oakes said NAC would essentially “financialize” non-economic natural processes such as photosynthesis and other life-giving processes.
Additionally, Will Hild, executive director of the watchdog group Consumers Research, said NAC posed a series of risks to Americans.
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“The danger that so-called 'natural asset companies' pose to the lives of millions of Americans cannot be overstated,” Hild told Fox News Digital. “Woke-up big corporations, including BlackRock, and foreign companies from adversaries like China, will have carte blanche to buy up millions of acres of public land.”
“Ranching, agriculture, energy production, and many other critical industries will be denied shared access to public lands and eliminated from their productive use,” he added. “Even people who use public lands for recreation or hunting can suddenly have their access taken away.”
The SEC did not respond to requests for comment.
