NEW: A bipartisan pair of senators hopes to limit China’s ability to purchase farmland in the U.S. and force the U.S. government to consider stripping some Chinese and foreign landowners of their real estate.
in the U.S. and force the U.S. government to consider stripping some Chinese and foreign landowners of their real estate.
The senators argue that current U.S. law does not provide enough oversight of which foreign entities are buyingSen. Joni Ernst speaking in Boston on June 12, 2023.According to the Agriculture Department, foreign ownership of U.S. land has nearly doubled in the past decade to over 40 million acres., released with data through the end of 2021, found Canadian investors owned the most at the time, at 31%, or 12.
Ernst and Stabenow's bill would increase reporting and transparency and strengthen oversight by amending the Agricultural Foreign Investment Disclosure Act of 1978, which created a nationwide system to collect information about foreign ownership of agricultural land.The bill would give the Committee on Foreign Investment in the United States, or CFIUS, authority to consider agricultural and food security concerns in determining whetheris a national security threat.
The Agriculture Department does publish an annual report on foreign holdings of agricultural land; the information is based on reports that have been submitted in compliance with the Agricultural Foreign Investment Disclosure Act, and it may not include all foreign-owned or -leased land throughout the U.S.
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