A local lawmaker is attempting to block a rule that would make it easier for a small wealthy group to control land and resources for a price.
State Senator Scott Hutchinson recently sent a letter to the U.S. Security and Exchange Commission opposing a rule change that could negatively impact the Allegheny National Forest along with nearby communities.
The proposed rule would allow the New York Stock Exchange to list a new kind of public company called Natural Asset Companies which would hold rights over areas such as national parks and federal lands. Once a NAC obtained rights to control the management of that land, it would remove authority from Congress and state legislatures.
Hutchinson believes that the rule change could allow foreign entities as investors to prevent the land from being used for responsible development of natural resources. They could also apply generic polices to land they do not understand with negative impacts to local communities.
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