The Asteroids Act is short and simple. After instructing the president and all agencies of the U.S. government to use their powers to facilitate space exploration and exploitation, it provides that "Any resources obtained in outer space from an asteroid are the property of the entity that obtained such resources, which shall be entitled to all property rights thereto, consistent with applicable provisions of federal law." In other words, if you mine it, you own it.
Things here on Earth aren't going so well at the moment, but we're actually in the midst of tremendous progress — most of it by private companies — with regard to human activity in outer space. The Asteroids Act is a significant step in taking things to the next level. I hope that Congress passes it.Me: Here's hoping. I've been interested in this sort of thing for a long time, since well before this Reason piece I wrote in 1998. Sooner or later some broader framework will be needed (as I sketched out in Reason), when it comes time for, say, building hotels on the moon or other things that are not just about extraction and asteroids. Still, the Asteroids Act is a good step in the right direction (up).
UPDATE: For a different perspective (though not specifically about the Asteroids Act), see "Moon First—Mine the Asteroids Later," by Paul D. Spudis.