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119-hr-8722119th CongressWALLET

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.

Sponsored By: Representative Bacon, Don [R-NE-2]

Introduced

Summary

Foreign ownership oversight: This bill would create a government-wide information-sharing framework to track foreign ownership of U.S. agricultural land and require GAO-informed updates to USDA guidance.

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  • Would require the Secretary of Agriculture to sign one or more memoranda of understanding with the Committee on Foreign Investment in the United States within 1 year and to provide CFIUS with every report submitted under the Agricultural Foreign Investment Disclosure Act, including the identities of foreign persons listed and each report's submission date.
  • Would require the Secretary to update the Farm Service Agency "Foreign Investment Disclosure" handbook within 2 years and to incorporate recommendations from the Government Accountability Office report dated January 18, 2024.
  • Would require the handbook to be updated every 10 years thereafter and to include any new GAO recommendations, aiming to improve reporting and the identification of national security risks tied to foreign ownership of agricultural land.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

New reporting and handbook rules for farms

This bill would require the Secretary of Agriculture to sign one or more memoranda of understanding with CFIUS within 1 year. Under those agreements, the Secretary would provide CFIUS every AFIDA report filed, the names of the foreign persons listed, and the report submission date. The bill would also require the Farm Service Agency to update its "Foreign Investment Disclosure" handbook within 2 years and to include GAO recommendations from the January 18, 2024 report. After the initial update, the handbook would be updated every 10 years and must include any GAO recommendations.

Sponsors & CoSponsors

Sponsor

Bacon, Don [R-NE-2]

NE • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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