Jan. 14, 2024
NACs should not be allowed. “Business” has been defined in similar terms for the entirety of western civilization. “Business” is an individual or group of individuals offering a good or service in exchange for compensation. NACs seek to redefine business in every way in which the term is defined. First, there are no individuals in a NAC outside of those owning the shares. Second, they offer no good or service. Third, they receive no compensation for the goods or services they fail to provide. The sinister capabilities of NACs merit intense scrutiny. My family owns many acres of rural forest. If approved, a NAC with rights to our land would be able to prohibit timbering, mowing, and general care for our property, even though the parcels in question are not even used commercially. Further, the proposal to make shares would mean corporations and even foreign entities would exert these and other controls over our land without actually owning the physical property. If approved, NACs have the power to radically transform our country. This idea is not something that should be approved by a few people in the financial sector. Such power should sit with elected officials. These people can be recalled by their electorate in 2 to 6 years depending on office. The process for replacing SEC officials is not as straight forward.