The Farmland for Farmers Act of 2023 would ban most corporations, investment firms, pension funds, and other large institutional investors from buying agricultural land in the United States, with limited exceptions for research institutions, nonprofits, and municipal governments. The bill affects corporations and large investment entities that currently own or seek to acquire farmland, while allowing family farms and small farmer-controlled cooperatives to continue operating. Companies and investors would be required to file affidavits certifying compliance with the restrictions, and violations could result in civil penalties up to twice the land's fair market value, criminal penalties of up to five years in prison, and forced sale of the land. The bill does not include specific federal funding but instead relies on existing Department of Agriculture resources for enforcement, with the Secretary of Agriculture required to report violations annually to Congress and the Attorney General authorized to pursue legal action for divestiture of illegally held land.
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