NACs

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Bill Filed to Stop NACs

by | Mar 14, 2024 | Issues, Liberty Matters, NACs

U.S. Representative Mark Green (TN-07), Chairman of the Homeland Security Committee, and Representative Harriet Hageman (WY-AL) introduced the Protect America’s Lands Act to prevent the Securities and Exchange Commission (SEC) from authorizing Natural Asset Companies (NACs) on the New York Stock Exchange or any other Exchange.

Senator Cynthia Lummis of Wyoming introduced a companion bill in the Senate.  There are 32 cosponsors of the House bill and 10 on the Senate bill.

Upon filing the bill, Chairman Green stated: “NACs are a predatory means for foreign adversaries and radical environmentalists to control and make money off of American lands, both public and private.”

He noted his concern that NACs would have weakened our national security. “Since public companies are open to foreign investments, anti-American interests can buy stock in an NAC, giving them ownership of our most valuable resource – land.  Most concerning is that NACs could end up being a backdoor for the Chinese Communist Party to control Tennessee’s air, water, and energy.  These radical financial instruments would put our lands at risk.” 

Green further stated: “NACs not only pose a direct threat to the very concept of land ownership and natural resource management in America, but this newest ESG-driven proposal would allow foreign countries and malign actors around the world to buy up American farmland and mineral-rich regions, giving our adversaries control over our food supply and energy security.”

Representative Hageman lead the fight in the House to stop NACs through a defunding provision and probing letter to the SEC. She stated: “NACs would change U.S. land access, management, use, and ownership as we know it. As if that weren’t bad enough, as proposed, there are no limits placed on who can buy these lands—China, Russia, Iran, and other bad actors would be free to participate and shut down U.S. energy, mineral and food production.”

“The Biden administration tried to rush through a rule allowing for the creation of these NACs, allowing almost zero time for public comment—all to appease the radical climate change worshippers on the left. Through hard work and pressure on the SEC we were able to force the NYSE to pull its proposed rule that would have allowed for the creation of NACs. This legislation will ensure that this horrible “investment” scheme cannot be brought back without an act of Congress. The bottom line is that we must take back lawmaking authority from the administrative state before even more of our security, freedoms and rights are taken away.”

Representative Hageman received one of the four American Stewards of Liberty’s “NAC Stopped” awards when she stepped up the pressure on the SEC and forced them to withdraw their proposed rule on January 17th.

Chairwoman of the Senate Western Caucus, Senator Lummis said: “Wyoming’s economy depends on access to federal land as our landscapes generate income for multiple industries and draw thousands of people to the Cowboy State each year…The people of Wyoming will always be the best stewards of our land, not activists and certainly not foreign nationals.”

One of the Bill’s co-sponsors, and “NAC Stopped” award recipient, Senator Ricketts from Nebraska said: “Nebraskans know how to balance productivity and conservation. We’re far better stewards of our lands than Green New Deal radicals. This bill will protect our lands and prevent activists in Washington or New York from imposing their extreme policies on states like Nebraska.”

Ricketts led the first letter sent by Congress to the SEC after they issued their proposed rule to authorize NACs in October 2023, which helped to secure the first delay in their decision. This critical step allowed us to make more leaders and organizations aware of the scheme so they could oppose the action.

The House cosponsors are:  Dan Newhouse (WA-04); Ryan Zinke (MT-01); Matt Rosendale (MT-02); Keith Self (TX-03); Pete Sessions (TX-17); Michael Cloud (TX-27); Lauren Boebert (CO-03); Doug Lamborn (CO-05); Russ Fulcher (ID-01); Jim Banks (IN-03); Tim Burchett (TN-02); Andy Ogles (TN-05); Dan Bishop (NC-08); Chuck Edwards (NC-11); Ralph Norman (SC-05); Mike Bost (IL-12); Mary Miller (IL-15);  John Curtis (UT-03); Warren Davidson (OH-08); Byron Donalds (FL-19); Ronald Estes (KS-04); Michelle Fischbach (MN-07); Pete Stauber (MN-08); Alex Mooney (WV-02); John Moolenaar (MI-02); Clay Higgins (LA-03); Ryan Zinke (MT-1); Lauren Boebert (CO-3); Pete Stauber (MN-8); James Baird (IN-4); Michael Guest (MS-3); Richard Hudson (NC-9); Elijah Crane (AZ-2); Tracey Mann (KS-1).

The Senate cosponsors include:  John Barrasso (R-WY), Dan Sullivan (R-AK), Pete Ricketts (R-NE), James Risch (R-ID), Roger Marshall (R-KS), Mike Lee (R-UT), Mike Crapo (R-ID), Tom Cotton (R-AR) and James Lankford (R-OK).

Call Your U.S. House and Senate Members to Co-sign

If your Representative or Senator is not a cosponsor, call their offices today to make them aware of the bill and ask them to sign on.

House Directory: https://www.house.gov/representatives

Senate Directory: https://www.senate.gov/senators

Bill Text:  https://www.congress.gov/bill/118th-congress/house-bill/7494/text?s=1&r=2