Thirty state officials urge the Securities and Exchange Commission (SEC) to reject proposed rules that would allow privatization of public lands, according to a copy of a comment letter obtained exclusively by the Daily Caller News Foundation. did.
SEC is under consideration Whether to allow “natural asset companies” (NACs) to trade on the New York Stock Exchange (NYSE), which would allow America's lands and ecosystem services to serve as the basis for entirely new financial products. It's movement. Thirty state-level officials, including comptrollers, treasurers, commissioners, and comptrollers, signed the letter, clarifying the new accounting practices and potential new accounting practices that the NYSE's proposed rules would allow if the SEC approves the final decision. It outlined specific concerns regarding national security threats.
Under the proposed rules, NACs would become a new type of company that seeks to improve ecosystems and ecosystem services on public or private lands, according to the NYSE proposal. These ecosystems and their services are the underlying value of NAC stock, which can be traded on the NYSE. (Related: Green company that advised SEC on proposed emissions regulations sells carbon credits from region of China known for slave labor)
Comments from NAC Treasurer by nick pope On Scribd
“Natural assets generate an estimated $125 trillion annually in global ecosystem services such as carbon sequestration, biodiversity and clean water.” according to to the New York Stock Exchange. By comparison, global gross domestic product in 2022 was approximately $100 trillion. according to To Statista.
“Our concerns with this proposal are many. However, the fatal flaw underlying the concepts under consideration is an attempt to create economic value from a process that is not backed by economic activity.” writes: “First, the NAC is a private entity that does business by reducing economic activity. Second, the NAC relies on untested accounting methods, and there is no place for such in the public market. Third, NAC raises serious national security concerns.”
The fact that NACs are “unable to profit through the productive use of the land they manage” is of concern to authorities, who say the alternative accounting systems used to value NACs deviate from standards. claims. generally accepted accounting principles (GAAP) – “Not suitable for use in the U.S. capital markets.”
Officials also said the proposal lacks strict controls on foreign investment in the NAC, which could effectively remove otherwise productive land from hostile or interested countries for activities such as mining. There are concerns that the NAC could be used as a means to “sabotage” the U.S. economy. According to the text of the letter, grazing and drilling.
“NAC could have an absolutely devastating impact on rural areas, especially in a state like Alaska, where over 60% of the state is owned by the U.S. government,” said the Alaska Department of Revenue Commissioner, who signed the letter. Adam Crum, who is also an expert, said: he told DCNF. “Alaska's food security efforts will be hampered if farmers do not have access to land and water for their crops and livestock. Access to critical mineral mining areas could be cut off. , oil industry workers could be locked out of vast tracts of production land. This change, influenced by the administration's environmental priorities, comes as U.S. domestic resources are restricted under the NAC. and may lead to increased dependence on external sources for energy.”
The SEC's NAC rules have already drawn scrutiny from Republican lawmakers. The House Natural Resources Committee currently investigate The policy cites concerns about productive land use and management, as well as the potential for private interests to control public lands.
“The NAC is not about the wise and responsible use of resources, it is about denying the American people access to the resources with which God has blessed this country,” the group National Treasury, which counts all signatories of the letter, said in a statement. Derek Kreifels, CEO of the public foundation, said: he told the DCNF among its members. “They are anti-growth and anti-prosperity. Thankfully, national finance officials have sounded the alarm about the harm caused by NAC and have been at the forefront of opposition to this harmful rule.”
All content produced by the Daily Caller News Foundation, an independent, nonpartisan news distribution service, is available free of charge to legitimate news publishers with large audiences. All republished articles must include our logo, reporter byline, and DCNF affiliation. If you have any questions about our guidelines or partnering with us, please contact us at licensing@dailycallernewsfoundation.org.
