Nashville Standard

Reps. Mark Green and Harriet Hageman have introduced the Protect America’s Lands Act, a bill aimed at preventing the Securities and Exchange Commission (SEC) from establishing Natural Asset Companies (NACs). The proposal comes in response to a previous initiative under the Biden administration that would have allowed public investment in American natural resources through NACs, potentially leading to foreign control over U.S. lands.

Rep. Green expressed strong opposition to NACs, stating, “There is no question that the creation of NACs would be a major mistake. Allowing foreign adversaries to purchase federally owned land is as stupid as it gets.” He emphasized concerns about national security and energy independence, noting the potential risks of allowing foreign entities access to essential lands.

Rep. Hageman highlighted past efforts related to natural capital accounting strategies that could change U.S. land management and ownership dynamics. She stated, “Thanks to opposition from the American people and their representatives in Congress, the NYSE did not allow NAC’s to be listed on its exchange.”

Former Secretary of the Interior Rep. Zinke also voiced his support for halting such policies permanently: “There is no reason American land should be sold to the Chinese Communist Party or any of America’s foreign adversaries.”

Chairman of the House Select Committee on Strategic Competition with China, Rep. Moolenaar, added his perspective by stating that President Biden's proposal was a "bad idea" which could leave public lands vulnerable.

Margaret Byfield from American Stewards of Liberty remarked on past attempts by green new deal proponents to create NACs as deceptive ways for investors to gain control over America's resources.

The bill has garnered support from 19 cosponsors including notable figures like Tim Burchett and Ryan K. Zinke among others.

The Protect America’s Lands Act seeks an amendment to the Securities and Exchange Act of 1934 prohibiting SEC listings for securities issued by NACs. This move follows an October 2023 SEC notice proposing rule changes for listing NACs which was later withdrawn but still poses perceived threats according to Derek Kreifels from State Financial Officers Foundation.