To require the Secretary of Agriculture to enter into a memoranda of understanding with CFIUS with respect to reports under AFIDA and to update the AFIDA handbook.
This bill requires the Secretary of Agriculture to strengthen oversight of foreign investment in U.S. agricultural land. Within one year of enactment, the Agriculture Secretary must establish an agreement with the Committee on Foreign Investment in the United States to share all information from reports about foreign ownership of American farmland, including details about who the foreign investors are and when they submitted their reports. The bill also directs the Agriculture Secretary to update the Farm Service Agency's handbook on foreign investment disclosures within two years, incorporating recommendations from a 2024 Government Accountability Office report about improving how the government tracks and shares information on foreign agricultural investments. After the initial update, the handbook must be revised every ten years to stay current. The legislation affects the Agriculture Department and foreign investors seeking to purchase U.S. agricultural property, with the goal of better identifying potential national security risks related to foreign control of American farmland.
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