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Committee moves bill to bar "natural asset" companies from trading Wyoming land interests on exchanges
Summary
The committee voted 8–1 to advance House Bill 93, which would bar so-called "natural asset companies" from monetizing conservation interests in Wyoming by selling credits or interests on public exchanges. Sponsors and witnesses described the proposal as a preemptive protection against potential future market mechanisms; witnesses said there is no
The Agriculture, State & Public Lands & Water Resources Committee voted 8–1 to advance House Bill 93, titled the Protect Wyoming's Lands Act, which would create a new chapter in title 17 prohibiting a class of entities described in the bill as "natural asset companies" from selling conservation interests or ecological-performance credits on national securities exchanges.
Supporters described the bill as a pre-emptive measure against a market model that industry sources and federal rulemaking once contemplated. "We support this bill," Keith Kennedy, representing the Wyoming Wheat Growers and Wyoming Wool Growers, told the committee, citing earlier activity by the New York Stock Exchange and congressional pressure that halted the proposal in the past.
Why it matters: Witnesses from agriculture and conservation organizations said that the proposed exchange-traded "natural asset" model could allow distant or anonymous investors to buy interests tied to ecological services and then impose conditions on land use. Testimony said that although the SEC or New York Stock Exchange considered such a model in prior years, the market mechanism did not develop and current risk is low — but proponents urged a statutory backstop.
What the committee heard: Keith Kennedy traced the controversy to a prior New York Stock Exchange proposal and congressional pushback in early 2024. Holly Kennedy of the Wyoming Association of Conservation Districts said she supported the bill as a protective measure and warned that listing such interests publicly could put land-use decisions into the hands of unknown buyers. Jim McGavin (surname variably transcribed) of the Wyoming Stock Association reiterated concerns about the sale of conservation interests to stockholders who might later change objectives.
Scope questions: Committee members asked whether the bill would reach federal lands (national forest, BLM) and water rights; witnesses and agency representatives said state law cannot control federally owned lands but could affect private land and state-controlled water rights. Witnesses noted potential indirect effects where private sales could influence access or management around federal parcels.
Outcome and next steps: The committee voted 8–1 to pass HB 93 to the next stage. Witnesses and committee members said the bill would likely serve as a protective baseline should similar market offerings return; the transcript reflects that proponents view the measure as largely preventive because no active natural asset companies fitting the bill's definition currently operate in Wyoming.
Tally: Motion to move HB 93 out of committee — passed, 8 yes, 1 no.
