Following strong opposition, it was revealed last week that the Biden administration has suddenly withdrawn a proposal that would have opened public lands to private ownership. At the Mohave County Board of Supervisor’s first board meeting in January, the County Supervisors were prominent voices against a proposed rule by the Security and Exchange Commission (SEC) that would have authorized the listing of “Natural Asset Companies” (NACs) as a novel investment vehicle on the New York Stock Exchange. Supervisor Buster Johnson brought the item forward for the Board’s consideration after digging deeper into what this proposed rule meant. “I’m delighted to learn that the Biden Administration has reconsidered their position on this matter. This rule raised many concerns, particularly for federal lands, including those in Mohave County. The implementation of this rule would have enabled these lands to be enrolled in NACs which would basically necessitate their management for “sustainable” purposes,” Johnson stated. “The rule attempted to profit from and control essential elements, such as the air we breathe, by protecting resources and increasing ecosystem services, providing value to NACs and returns to shareholders.”
Along with Mohave County, Utah Attorney General Sean Reyes and Kansas Attorney General Kris Kobach led a coalition of 25 state attorney generals in penning a comment letter opposing the SEC’s proposal. They argued NACs posed a threat to national security and subordinated the interests of millions of Americans. “Under the proposal it would have permitted foreign entities to leverage NACs to undermine national security and American foreign policy. Sovereign nations, like the United States Government, could have offered lands to private investors, potentially allowing countries like China to invest in NACs and become stakeholders in national parks. This could have enabled Russia to gain control over lands currently leased for oil production and uranium mining, restricting future natural resource development, and posing an overall threat to our national security,” Johnson explained.
According to Johnson, NACs would have enabled investors to profit from our federal lands at the expense of citizens and the county. “The impact and costs this would have had on Mohave County could have been devastating. I’m very glad this rule was rescinded.”
