This bill aims to give the federal government more control over foreign ownership of American farmland and agricultural resources. Here's what it does in practical terms: If a foreign person or company wants to buy or control more than $5 million worth of farmland or 320 acres of land within three years, the government's Committee on Foreign Investment in the United States (CFIUS) will review the deal to make sure it doesn't threaten national security. The bill also expands this review to include land used for extracting energy sources or critical materials needed for technology and defense industries. The bill adds the Secretary of Agriculture and the Food and Drug Administration Commissioner to CFIUS to give agriculture more of a voice in these decisions.

The bill strengthens enforcement by creating a new position at the Department of Agriculture to investigate whether foreign entities are trying to steal American agricultural knowledge or technology, or disrupt U.S. farming. It also bans foreign landowners from participating in federal farm assistance programs and creates penalties for those who violate this rule. Additionally, the government will build a database tracking all agricultural land owned by foreign persons so authorities can monitor foreign ownership patterns. Overall, the bill is designed to protect American agriculture from foreign control while ensuring the country maintains food security and agricultural independence.

FARMLAND Act of 2023

Ernst, Joni

Foreign Agricultural Restrictions to Maintain Local Agriculture and National Defense Act of 2023 or the FARMLAND Act of 2023This bill expands federal authority and oversight over foreign investments in the U.S. agricultural industry.The bill expands the authority of the Committee on Foreign Investment in the United States (CFIUS) to include the review of land transactions (involving foreign entities) that exceed $5 million or 320 acres of land over the preceding three years. This applies to land that is primarily used for agriculture, the extraction of energy sources, or the extraction of critical precursor materials for biological technology industries, information technology components, or national defense technologies. Further, the bill adds the Secretary of Agriculture and the Commissioner of&nbsp;Food and Drugs to CFIUS membership.&nbsp;(CFIUS is an interagency committee that oversees the national security risks of certain foreign direct investment&nbsp;in the U.S. economy, including by reviewing certain real estate transactions.)Further, the bill expands&nbsp;enforcement of the Agricultural Foreign Investment Disclosure Act (AFIDA). The Department of Agriculture (USDA) must appoint a Chief of Operations of Investigative Actions to&nbsp;(1)&nbsp;monitor AFIDA compliance, and (2)&nbsp;conduct&nbsp;investigations on efforts to steal agricultural knowledge and technology and to disrupt the U.S. agricultural base. The bill prohibits foreign persons who own or operate land from participating in Farm Service Agency programs and establishes penalties for&nbsp;violators. The bill also requires USDA and the Department of Homeland Security to jointly develop a&nbsp;database of agricultural land owned by foreign persons.