This bill amends the Agricultural Foreign Investment Disclosure Act of 1978 (AFIDA). It requires that any foreign person who holds at least a 1 percent interest in U.S. agricultural land — either directly or by adding up ownership through multiple entities — be covered by AFIDA reporting. It gives the Secretary of Agriculture authority for investigative actions and directs the Farm Production and Conservation Business Center (FPAC-BC) to validate AFIDA data, ensure compliance with the new 1 percent rule, and help identify people who may face civil penalties. The bill also requires the Secretary to sign one or more memoranda of understanding with the Committee on Foreign Investment in the United States (CFIUS) within one year to share AFIDA report information, including who filed each report and when. The bill orders updates to the Farm Service Agency handbook titled "Foreign Investment Disclosure" within one year, then every 10 years, and incorporates recommendations from a specified Government Accountability Office report. Finally, it requires the FPAC-BC and the Farm Service Agency to analyze and set a timeline for a streamlined electronic submission and retention process for AFIDA reports if that process is not in place within one year, and to report that analysis to congressional agriculture committees.
No publicly available information.
The bill directs specific changes to reporting, data validation, enforcement actions, information sharing with CFIUS, handbook updates, and planning for electronic filing. Supporters of the bill, as reflected in its provisions, intend these changes to expand reporting to small ownership stakes, improve the quality and validation of AFIDA data, and increase information sharing and planning for electronic processes.
No publicly available information.