SE Wyoming News

Senate Western Caucus Chair Cynthia Lummis and Congressional Western Caucus Chair Dan Newhouse have expressed serious concerns about a recent proposal to amend the New York Stock Exchange (NYSE) Listed Company Manual. In a letter sent to the Securities and Exchange Commission (SEC), they highlighted their worries about the proposal to adopt listing standards for Natural Asset Companies (NACs).

The proposed amendment would allow NACs to list on the NYSE and raise capital to purchase the rights to natural assets. This would enable NACs to restrict mining, grazing, logging, recreation, and other economic development on any public or private lands purchased by NACs.

Lummis described this move as the Biden administration's "newest land grab attempt" and accused them of forcing their extreme left-wing energy policies on the West. She emphasized that this decision to classify western lands as environmental investments was not about sustainability but rather "blatant greenwashing." Lummis further stated that it awarded significant capital to environmental groups who exist solely to sue the federal government.

As the Senate Western Caucus Chair, Lummis joined forces with House Western Caucus Chair Dan Newhouse to protect the western landscapes and the public lands on which their constituents rely. Newhouse echoed Lummis' concerns, stating that the proposal to list natural asset companies on the NYSE was a threat to the multiple-use mandate and the western way of life.

Under this proposal, NACs could be weaponized by extreme environmental activists and foreign nationals to lock up public lands from resource development, grazing, recreation, and other uses. This, in turn, would threaten economic prosperity in rural communities and curtail domestic energy production.

In their letter to the SEC, Lummis and Newhouse urged the commission to reject the proposal and defend public lands from Environmental, Social, and Governance (ESG) enthusiasts.

The concerns raised by Lummis and Newhouse highlight the potential consequences of allowing NACs to restrict economic development on public and private lands. Critics argue that this move could hinder growth and prosperity in rural communities and limit domestic energy production.

The Securities and Exchange Commission will now have to consider the arguments put forth by Lummis and Newhouse and make a decision regarding the proposal to amend the NYSE Listed Company Manual.