Rep. John Curtis
U.S. Rep. John Curtis (R-UT) last week sponsored legislation that would prohibit natural asset companies from entering into any agreement regarding land in the State of Utah or natural assets on or in such land.
“Wall Street shouldn’t be allowed to control Utah’s land just to meet with ESG goals,” Rep. Curtis said. “Western communities rely on public lands for their livelihoods, recreation, and more. This rule, and any similar proposal to authorize natural asset companies, is a direct threat to that way of life.”
The New York Stock Exchange (NYSE) LLC in September 2023 proposed a rule change to amend the NYSE Listed Company Manual that would create a new tradeable asset class called “natural asset companies,” or NACs.
The NYSE proposed that the asset class would be based on sustainable enterprises that hold the rights to ecosystem services, such as carbon sequestration, produced by natural, working, or hybrid lands.
The proposal was published for comment by the Securities and Exchange Commission (SEC) in the Federal Register on Oct. 4, 2023. But on Jan. 17, the NYSE abruptly withdrew it following widespread opposition.
Nevertheless, to preempt any future NAC being in Utah, Rep. Curtis sponsored H.R. 7006, which would prohibit NACs, or any similar entity, from entering into any agreement that would impact land in the state.
The bill has been referred for consideration to the U.S. House Natural Resources Committee.
“I brag about Utah every chance I get. For generations, people have been stewards of this land and know how to maintain it best for their kids and grandkids to enjoy,” Rep. Curtis tweeted Monday on X. “That is why we don’t need Wall Street locking up our land.”