Northwest PA News

Sen. Scott Hutchinson (R-21) and Rep. Kathy Rapp (R-65) have sent a letter to the U.S. Securities and Exchange Commission opposing a proposed rule change that would negatively impact the Allegheny National Forest (ANF) and the surrounding communities. The proposed rule would allow the New York Stock Exchange to list Natural Asset Companies (NACs), which would hold rights over areas such as national parks, federal lands, and private land.

According to the rule, a NAC is "a corporation whose primary purpose is to actively manage, maintain, restore, and grow the value of natural assets and their production of ecosystem services." However, the concern raised by Hutchinson and Rapp is that NACs could obtain rights to U.S. land and prevent responsible development of natural resources, including fossil fuel extraction, mining, logging, and large-scale farming.

Hutchinson and Rapp argue that turning over land management control to NACs and their investors would violate standing law and policy. They emphasize that only Congress and state legislatures have the authority to assign management authority for public lands. The proposed rule change would allow NACs and their investors, including foreign entities, to circumvent the legislative process and disregard the rights of American citizens.

One of the main concerns raised by Hutchinson and Rapp is that NACs would not be sensitive to the unique qualities of local communities in and around the ANF. These companies would operate with generic ideas of "sustainable" use on lands they do not own and may not understand or use themselves. The lawmakers point out that the ANF, for example, faces a different threat than forest fires, namely the lack of young forest. This requires more harvesting of older trees to maintain a healthier forest and ecosystem.

The potential threats posed by NACs extend beyond the ANF. The sub-surface property rights, surface minerals, grazing, water use, food production, firewood permits, hunting and fishing, recreation, and local tax revenues from these land uses could all be jeopardized by allowing private ownership by a NAC. This situation could have a devastating impact on many communities.

Rapp expressed her concerns about the proposed rule, stating, "This is just another under-the-radar attempt by radical environmentalists to impose their progressive agenda on the good people of Northwest Pennsylvania." She emphasized the importance of involving local stakeholders who truly care about the health of the Allegheny National Forest and understand its impacts on the local economy.

Hutchinson echoed these concerns and highlighted the potential risks of foreign control and interference if the rule change were to be implemented. He stated, "Our government agencies should not offer the management of American land and resources to these entities for a price, allowing them to profit from it. This is unethical, illegal, and will open our nation to the risks of foreign control and interference."

In conclusion, Hutchinson and Rapp are urging the SEC not to allow rich elites control over public lands and their natural resources. They argue that the proposed rule change would undermine existing laws and policies, disregard the rights of American citizens, and potentially lead to foreign control and interference. The lawmakers emphasize the importance of involving local stakeholders in decisions regarding land management and ensuring the responsible development of natural resources.