releases: https://mikekennedy.house.gov/media/press-releases/kennedy-curtis-lee-introduce-bill-block-wall-street-control-utahs-public-lands
Data license: MIT · Data source: dwillis/congress-press
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| https://mikekennedy.house.gov/media/press-releases/kennedy-curtis-lee-introduce-bill-block-wall-street-control-utahs-public-lands | KENNEDY, CURTIS, LEE, INTRODUCE BILL TO BLOCK WALL STREET CONTROL OF UTAH’S PUBLIC LANDS | 2025-03-12 | 2025 | 2025-03 | Republican | House | UT | Mike Kennedy | K000403 | mikekennedy.house.gov | mikekennedy | https://mikekennedy.house.gov/media/press-releases | scraper | Washington, D.C. – Yesterday, Representative Mike Kennedy (R-UT-03), along with Senators John Curtis (R-UT) and Mike Lee (R-UT), introduced the Natural Asset Company Prohibition Act, legislation aiming to protect Utah’s public lands from takeover by Wall Street activists and foreign investors. The bill would prohibit Natural Asset Companies (NACs) and similar entities from entering into agreements that affect land, water, or natural resources within Utah’s borders. “Natural Asset Companies (NACs) threaten Utah’s rural economy by allowing private interests to lock away farmland and natural resources. This model would undermine property rights, allowing conservation easements to be imposed without landowner consent,” said Representative Kennedy. “This legislation will help to protect Utah’s land, economy, and rural communities from such overreach.” “Wall Street shouldn’t be allowed to dictate what happens on Utah lands just to satisfy ESG mandates,” said Senator Curtis. “Public lands are central to Utah’s way of life — supporting families, ranchers, recreation, energy production, and conservation. This bill ensures that investors from New York or foreign capitals don’t get to lock up Utah lands and cut off access to the people who depend on them.” “Access to public lands is essential to Utah’s way of life, supporting thriving energy, agriculture, and recreation industries. Natural Asset Companies pose a direct threat to this access by enabling private and foreign investors to seize control of the very land that our communities depend on. This legislation is crucial to protect Utahns' rights to their lands, ensuring that our local communities, not foreign interests, retain control and continue to thrive for generations to come,” said Senator Lee, Chairman of the Energy and Natural Resources Committee. Background: NACs, which are structured as corporate entities, assign financial value to ecosystem services like carbon sequestration, water purification, biodiversity preservation, and soil health. By monetizing natural assets, NACs could lead to corporate control over public lands, restricting farming, grazing, energy development, and recreation. In Utah, where the federal government already owns around 70% of the land, NACs could worsen land-use restrictions by locking out local communities from responsible use and economic opportunities. In October 2023, the Securities and Exchange Commission (SEC) proposed a rule to authorize NACs to own rights to “ecological performance” and lease mineral, water, or air rights from tribal nations and private landowners. Following fierce opposition—including from Senator Curtis and Utah State Treasurer Marlo Oaks—the SEC withdrew the rule in January 2024. Specifically, the Natural Asset Company Prohibition Act: | 1 | 2026-03-30T01:40:41Z | 2026-04-07T00:15:27Z |