You can read the latest notice here.
This is the second time the SEC has delayed approving NACs. Importantly, with their latest notice, they are instituting proceedings requiring the applicants (New York Stock Exchange and Intrinsic Exchange Group) to show that NACs do not violate Securities law. This is a major victory for the property rights movement.
Use this link to submit your comments opposing NACs.
Yesterday, Frank Gaffney with Center for Security Policy hosted this webinar on NACs. It is a great discussion on the impact NACs could have on our nation. It features Utah Treasurer Marlo Oaks, State Financial Officers Foundation Executive Vice President Noah Wall, American Stewards of Liberty Executive Director Margaret Byfield, former Mitsubishi Power President Dave Walsh, author of Cynical Theories Dr. James Lindsay, and Committee on the Present Danger: China Chairman Brian Kennedy.
This new NAC investment vehicle was devised to ensure those working to “conserve” America’s natural resources would ultimately be the ones who controlled and profited from their 30×30 scheme to lock them up.
NACs are a direct threat to oil and gas production, mineral development, and the farming and ranching communities. It is the fleecing of American’s property rights, consolidation of power, and transfer of wealth on an international scale.
In September of 2021, the NYSE announced they had partnered with the Intrinsic Exchange Group, which was founded by the Rockefeller Foundation and supported by international environmental groups such as the World Wildlife Fund, to create this unique investment vehicle.
On October 4th, the SEC issued a proposed rule to approve the NACs, allowing only 21 days for comment and initially only 45 days for their review. They extended their decision-making time to January 2nd, after major concerns were raised by ASL and our partners.
Now, with the help of many of our friends, including Utah State Treasure Marlo Oaks, Senator Pete Ricketts (NE), and Rep. Harriet Hageman (WY), the SEC has decided to institute proceedings that will allow more people to comment and even rebut the New York Stock Exchange’s (NYSE) proposal.
Utah Treasurer Marlo Oaks has pointed out the danger pose to our economy and liberties:
“The proposed creation of Natural Asset Companies is one of the greatest threats to rural communities in the history of our country. 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. Recreating on Utah’s incredible natural lands could also face significant curtailment.”
In response to the recent extension, Rep. Harriet Hageman stated:
“The SEC tried to quickly sneak NACs past Congress and the American public. Thirty-one members of the House of Representatives joined me in a letter demanding a longer public comment period than the ridiculous 21 days originally provided. I am happy to report that today the SEC quietly published an order extending the deadline for comments on the proposed NAC rule. The order issued by the SEC sets forth additional information and addresses concerns regarding how NACs would operate and areas of inquiry. I encourage all of you to weigh in on this potentially devastating effort to securitize our national heritage lands and private property rights! This development just goes to show that we should never give up, and that our voices do matter. We must be willing to engage and fight back against the radical Biden administration whenever we can.”
NACs will allow assets such as our National Parks and other state and federal resources, as well as conservation easements on private lands, to be enrolled and used for their own private profit. They also monetize natural processes creating a new investment stream for the wealthy elite. Investors in the NACs can be foreign adversaries who would benefit from preventing Americans from using our natural resources.
NAC Resources:
NAC Briefing Paper & Executive Summary | American Stewards
Companies That Can’t Make Money | By Marlo Oaks | Published in the Wall Street Journal
Letter Signed by 31 U.S. House Members lead by Rep. Harriet Hageman (R-WY)
Senator’s Ricketts, Crapo and Risch Letter to SEC
Beware SEC Creation of Natural Asset Companies | Published in Real Clear Markets | Margaret Byfield
Deplorables Killed Net Zero and ESG | By Elizabeth Nickson | Welcome to Absurdistan
Access the SEC NAC Portal to submit comments, view comments and read the proposed rule and exhibits.
