```

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3840 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
                                S. 3840

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.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                           February 29, 2024

  Ms. 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protect America's Lands Act''.

SEC. 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.''.
                                 <all>
```