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
Share AFIDA reports with CFIUS. This bill would require the Secretary of Agriculture to create a formal information-sharing channel and to update the Farm Service Agency handbook to implement Government Accountability Office recommendations.
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- USDA and the Farm Service Agency would need to enter into memoranda of understanding with the Committee on Foreign Investment in the United States within 1 year and provide CFIUS with each AFIDA report plus the identity of foreign persons and the report date.
- Foreign persons who file disclosures about ownership of U.S. agricultural land would have those filings passed to CFIUS, increasing federal review of foreign land ownership.
- The Farm Service Agency would be required to update its "Foreign Investment Disclosure" handbook within 2 years and then every 10 years, incorporating the Government Accountability Office's recommendations to improve how the government collects and shares data.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
New data sharing on foreign-owned farmland
If enacted, the Secretary of Agriculture would sign one or more memoranda of understanding with CFIUS within 1 year. Under those agreements, the USDA would give CFIUS all reports on foreign ownership of U.S. agricultural land submitted under AFIDA. For each report, the USDA would share the report, the names of the foreign persons listed, and the date the report was filed. Farmers and landowners who file AFIDA reports would be more likely to have their report details shared for national security review.
USDA must update foreign investment handbook
If enacted, the Secretary of Agriculture would update the Farm Service Agency handbook titled "Foreign Investment Disclosure" not later than 2 years after enactment. The first update would include the GAO recommendations from January 18, 2024. After that, the Secretary would update the handbook every 10 years and include any new GAO recommendations. Farmers and landowners who rely on the handbook would get clearer guidance, but reporting procedures and information collection could change.
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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