Grassley, Baldwin introduce Farmland Security Act of 2023
A new bill in the Senate would increase transparency and oversight of foreign investments in U.S. farmland.
During a recent press call, Iowa Republican Chuck Grassley said foreign ownership is on the rise.
“Any competition for that land from out of the country is a national security concern,” he said. “Nationwide, about 3% of the farmland is held by foreign companies.”
The Farmland Security Act of 2023 would require all foreign entities that buy American ag land to report their holding, and it would strengthen penalties for countries who evade filing.
Grassley says the legislation would assess the impact on the domestic food supply.
“While the United States recognizes the need for closely examining foreign investment, for some reason agriculture is excluded from that conversation.”
The bill would also direct the USDA to conduct an annual compliance audit to ensure accurate reporting. Wisconsin Democrat Tammy Baldwin is co-authoring the legislation.