The New York Stock Exchange has withdrawn a proposed rule to create Natural Asset Companies (NAC) after opposition from Republican officials.
They argued that NACs would enable private and foreign entities to control public lands and restrict economic activities such as farming and energy extraction.
The Republicans welcomed the withdrawal, expressing concerns about the potential threat to rural communities and national security.
Utah Republican Treasurer Marlo Oaks said, “The proposed creation of Natural Asset Companies is one of the greatest threats to rural communities in the history of our nation. Under the proposal, private interests, including foreign-controlled sovereign wealth funds, could use their capital to purchase or manage farmland, national and state parks, and other mineral-rich areas and stop essential economic activities like farming, grazing, and energy extraction.”
“It is my hope this news signals an end to this horrible idea and that it does not resurface in other venues,” he continued.
Derek Kreifels, the CEO of the State Financial Officers Foundation, said, “I’m grateful for all who helped raise the alarm on this attempted land grab by climate alarmists, and thankful for today’s corrective from the NYSE, but we must continue to be vigilant in defending our communities and states from future efforts that would seek to upend what has made this country great in pursuit of radical political agendas.”
The Securities and Exchange Commission (SEC) was considering the proposal, but it has now been withdrawn following the Republican opposition.
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