Agriculture Commissioner Jonathan Shell rejects Biden Administration’s radical climate plan
Plan would have allowed potential effect on farm land
FRANKFORT (Jan. 18, 2024) - Kentucky Agriculture Commissioner Jonathan Shell joins agricultural leaders across 10 states questioning the Securities and Exchange Commission’s (SEC) recent proposal allowing new “Natural Asset Companies” (NACs) that manage public and private land to be traded on the New York Stock Exchange.
Rather than generating revenue for shareholders, NACs lock up American lands and prohibit productive economic uses at the expense of Kentucky farmers. Barring lands from agricultural use to advance a radical climate agenda unfairly targets the vital part of our economy and way of life in Kentucky.
After an avalanche of comments opposing the risky and ideologically driven proposed rule, the Biden Administration abruptly rescinded its proposal.
“The Biden Administration’s recent decision to abruptly reverse its initial proposal of opening public and private lands to be traded on the NYSE is only an indication of how out of touch they are with the agricultural community, to begin with,” Commissioner Shell said. “As a farmer myself, I know the impact agriculture has on our economy, families, and communities. I am proud to stand up for our farming families across the state and will continue to fight ridiculous policies like this.”