Thirty state officials have urged the Securities and Exchange Commission (SEC) to reject a rule proposal that would allow the privatization of public lands, according to a copy of their comment letter obtained exclusively by the Daily Caller News Foundation. The SEC is considering whether to allow “Natural Asset Companies” (NACs) to be traded on the New York Stock Exchange (NYSE), a move which would allow American lands and ecosystem services to serve as the basis for a brand new financial product. Thirty state level officers, including auditors, treasurers, commissioners and comptrollers, signed onto the letter, outlining their specific concerns about the novel accounting practices and potential national security threats that the NYSE’s proposed rule would allow if the SEC allows it to become final.
Under the proposed rule, NACs would be a new type of company that strives to improve ecosystems and ecosystem services of public or private lands, according to the NYSE’s proposal. Those ecosystems and their services would be the underlying value for NAC equity that would be tradable on the NYSE.
Poster Comment:
SCRIBD attachment at source.