A letter from 21 state financial officials is urging the Securities and Exchange Commission to postpone a rule creating a new type of company designed for climate activists.
The state financial officers asked SEC Chairman Gary Gensler to extend the comment period from what they considered an unusually short 21 days to 60 days.
If enacted, the new SEC rule would establish a new type of corporation called a Natural Asset Company, a company that by design can’t make money.
But, the financial officials contend, it enables locking up of America’s natural resources, which could harm rural communities that rely on mining, farms and ranches by allowing the activists to buy land, both public and private, on the condition that it not be put to productive use.
“We are asking the SEC to pump the brakes on this rule. Interested parties like state treasurers need…
