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House Natural Resources Oversight Committee Holds Second Hearing on Natural Capital Accounts

by | Mar 14, 2024 | NACs

On March 7th, The House Natural Resources Subcommittee on Oversight and Investigations held an oversight hearing on Biden’s strategy for natural capital accounting scheme, the administration’s “sister” plan to implement Natural Asset Companies.

Subcommittee Chairman Paul Gosar (R-AZ) said: “By sidestepping Congress, the Biden Administration failed to take into account the impact of implementing these policies would have on our public lands while potentially turning over access to important resources to foreign governments. 

The committee invited four individuals to testify including Utah State Treasurer Marlo Oaks, who was instrumental in stopping the SEC proposed rule, Fergus County Commissioner Ross Butcher from Montana, Kathleen Sgamma, President of Western Energy Alliance from Denver, CO, and David Wilkinson, Executive Director of Tobin Center for Economic Policy, Yale University, New Haven, CT.

 Treasurer Marlo Oaks, also one of the “NAC Stopped” award recipients, stated: “Natural Asset Companies, Natural Capital Accounts, and conservation leases on public lands are deeply flawed ideas. By attempting to assign a financial value to ecological services and performance rights, we open the door to subjective interpretations and potential abuse.”

Oaks concluded his testimony by urging the committee to resist these attempts which he believes contravene property laws and pose continuous threats to U.S. property owners.

Of note, Mr. Wilkinson failed to appear.  He was the witness asked by the Democrats to defend Biden’s Natural Capital Accounting scheme who is credited with being the top expert and advocate in the nation on NACs.

“This individual is, as far as I can tell, the leading proponent of natural capital accounting,” Sgamma said, “If academia can’t attend to defend its academic ideas, then they can’t be challenged. So, I think that’s kind of telling about the sad state of academia today.”

Subcommittee Vice Chair Mike Collins, R-Ga., said the lack of any minority witnesses was a reflection of the Biden administration. “They don’t really care what you think. They don’t care what the implications may be on you, or anybody in your area or in your community,” Collins said. 

And, as Becky Norton Dunlop, one of American Stewards’ Board members said: The Yale professor is typical of elitists pushing this agenda, who all hold great contempt for property rights and the American people.