Dec. 24, 2023
I oppose creating and listing a new type of company called a Natural Asset Company (NAC) on the New York Stock Exchange (NYSE). The proposal poses a significant risk to rural and other communities by creating a mechanism for public and private land to be permanently removed from productive use to solve climate change. Under your proposed rule, private interests, including foreign-owned 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 contrary to the best interests of U.S. citizens and governmental organizations. Russian, Chinese, or Saudi sovereign wealth funds see particular value in locking up U.S. natural resources for their own self-interest. In addition to the economic harm NACs would cause, there are national security implications as well. Please end the drive by wealthy organizations to form Natural Asset Companies. Their creation is clearly not in the America's best interest. Thank you.