S. 3840 — Introduced in Senate

II 118th CONGRESS 2d Session S. 3840 IN THE SENATE OF THE UNITED STATES February 29, 2024Ms. Lummis (for herself, Mr. Barrasso, Mr. Risch, Mr. Ricketts, Mr. Marshall, Mr. Lee, Mr. Cotton, Mr. Crapo, Mr. Sullivan, Mr. Lankford, and Mr. Cruz) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Securities Exchange Act of 1934 to prohibit exchanges from effecting transactions in securities issued by natural asset companies, and for other purposes. 1. Short title This Act may be cited as the Protect America’s Lands Act. 2. Prohibition with respect to effecting transactions in securities issued by natural asset companies Section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f) is amended by adding at the end the following: (m) Prohibition with respect to effecting transactions in securities issued by natural asset companies (1) Definition In this subsection, the term natural asset company— (A) means a company— (i) that holds the rights to the ecological performance (including value from natural assets and the production of ecosystem services) of a defined land area and has the authority to manage that area for conservation, restoration, or sustainable management; and (ii) the primary purpose of which, with respect to the defined land area described in clause (i), is to— (I) manage, maintain, restore, and grow the value of natural assets and the production of ecosystem services in the area; or (II) carry out activities that do not cause any material adverse impact on the condition of the natural assets in the area and replenish the natural resources used in the area; and (B) includes any company that controls, is controlled by, or is under common control with a company described in subparagraph (A). (2) Prohibition It shall be unlawful for a national securities exchange registered under subsection (b) to effect a transaction in a security issued by a natural asset company. .