BILLINGS, Mont., March 13, 2024 — Recently, a group of over 40 members of the U.S. Senate and House of Representatives introduced the Protect America’s Lands Act (S. 3840, H.R. 7494). The bicameral bill would amend the Securities Exchange Act of 1934 to prohibit the listing and trading of natural asset companies (NACs) on a national securities exchange like the New York Stock Exchange (NYSE).
On October 4, 2023, the Securities and Exchange Commission’s (SEC) Division of Trading and Markets published the NYSE’s proposed rule to allow the listing of NACs. The proposal would have enabled the trading of undefined “rights” to certain private and public lands, potentially enabling investors, foreign nations, and noncitizens to restrict use of the land for grazing, energy production, logging, and mining.
On January 18, 2024, the NYSE withdrew its proposal following mass opposition from across the country citing the potential threats to property rights, the prosperity of rural America, and national security.
“I applaud the efforts of the senators and representatives who recognize the danger that NACs present to American sovereignty, private property rights and national security,” said R-CALF USA Property Rights Chair Shad Sullivan. “It’s high time leadership puts Americans’ pursuit of life, liberty, and property first.”
The Protect America’s Land Act is cosponsored by: Sens. Lummis (R-WY), Barrasso (R-WY), Risch (R-ID), Ricketts (R-NE), Marshall (R-KS), Lee (R-UT), Cotton (R-AR), Crapo (R-ID), Sullivan (R-AK), Lankford (R-OK), Cruz (R-TX), and Reps. Green (R-TN), Hageman (R-WY), Burchett (R-TN), Lamborn (R-CO), Cloud (R-TX), Ogles (R-TN), Miller (R-IL), Estes (R-KS), Norman (R-SC), Banks (R-IN), Sessions (R-TX), Bishop (R-NC), Bost (R-IL), Edwards (R-NC), Donalds (R-FL), Fulcher (R-ID), Self (R-TX), Curtis (R-UT), Davidson (R-OH), Rosendale (R-MT), Newhouse (R-WA), Fischbach (R-MN), Mooney (R-WV), Moolenaar (R-MI), Higgins (R-LA), Zinke (R-MT), Boebert (R-CO), Stauber (R-MN), Baird (R-IN), Hudson (R-NC), Crane (R-AZ), and Mann (R-KS).
