WyFB statement: Securities and Exchange Commission withdraws NAC rule
On January 17, 2024, the Securities and Exchange Commission (SEC) withdrew their proposed rule to list Natural Asset Companies (NAC) on the New York Stock Exchange. “We were very pleased to see the proposal withdrawn,” said Wyoming Farm Bureau Federation Executive Vice President Ken Hamilton.
The NAC rule was just one of many proposals being brought forth by the Administration to promote non-use practices on public lands and expand federal ownership of lands. “Given the tremendous implication it would have had on farms and ranches nationwide, we were heartened to see this rule withdrawn,” Hamilton continued.
During the fall of 2023, the Securities and Exchange Commission released the proposed rule which would have potentially infused a large amount of capital into the efforts to create a natural asset class. “The potential of Wall Street levels of money influencing productive land being taken out of agriculture was very concerning,” Hamilton continued.
Wyoming Farm Bureau Federation, along with the American Farm Bureau Federation, submitted comments to the SEC. “Protecting private property rights is critical,” Hamilton said. “Food production is essential to our nation’s security.”
“We will continue to oppose government overreach that encroaches on property rights, controls land use and threatens the livelihood of Americans,” Hamilton concluded.
The Wyoming Farm Bureau Federation mission is to represent the voices of Wyoming farmers and ranchers through grassroots policy development while focusing on protecting private property rights, strengthening agriculture, and supporting farm and ranch families through advocacy, education, and leadership development.