Ernst, Stabenow lead bill to halt foreign purchases of U.S. farmland
Members of the Senate Ag Committee have introduced a bill that would prevent some countries from acquiring U.S. farmland.
Iowa Republican Joni Ernst says the legislation would review the purchase or lease by a foreign entity. “We are fighting to overhaul the system that has allowed this national security risk to go on for far too long.”
The Foreign Agricultural Restrictions to Maintain Local Agriculture and National Defense (FARMLAND) Act amends the Agricultural Foreign Investment Disclosure Act of 1978. The review would occur if a purchase or lease exceeds $5 million or 320 acres of land over the last three years. It also develops a publicly available database of agricultural land owned by foreign persons.
Ernst says it could be included in the 2023 Farm Bill. “So we have a clear picture of what foreign interests there are in our valuable farmland.”
Chairwoman Debbie Stabenow, a Democrat from Michigan, is co-authoring the legislation.