Bill Aims to Spur Foreign Investors to Report US Farmland Holdings
A bipartisan group of lawmakers unveiled a bill Feb. 26 that seeks to encourage foreign investors to report their U.S. farmland holdings to the Agriculture Department as required by law.
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The Farmland Security Act would increase penalties for non-compliance and require USDA to conduct annual compliance audits. It also would require research on the impact of foreign ownership.
The lawmakers are concerned that while foreign ownership of American agricultural land is known to be rising, it is under-reported. They're also concerned that foreign ownership could harm domestic food production and national security.
Sens. Tammy Baldwin, D-Wis., and Chuck Grassley, R-Iowa, and Reps. Marie Gluesenkamp Perez, D-Wash., and John Moolenaar, R-Mich., are proposing the bill.