Foreign ag land ownership amendment passed by U.S. Senate
The U.S. Senate has voted to ban foreign adversaries from purchasing U.S. farmland and agricultural businesses.
The amendment, passed by a 91-7 vote late Tuesday, will be included in the Senate version of the Fiscal Year 2024 National Defense Authorization Act. Iowa Republican Chuck Grassley tells Brownfield it specifically prohibits investments from China, Russia, North Korea, and Iran.
“The significance is the most important thing,” he said during a press call Wednesday morning, “that the United States is fearful of our enemies investing in our country. We want to stop that.”
Grassley says the amendment would mandate a review of all significant agriculture-related foreign investments.
“It’s very similar to my bill,” he said. “It would add the U.S. Department of Agriculture to the Committee on Foreign Investment in the United States (CFIUS).”
It would also require the president to submit a report to Congress on any waiver granted to a prohibited country.
The provisions, introduced by South Dakota Republican Mike Rounds, need House approval to become law.