Lawmakers are looking to address the amount of foreign investment in American farmland. U.S. Department of Agriculture (USDA) figures show that foreign entities held an interest in nearly 51 million acres of U.S. farmland in 2021. Multiple pieces of legislation have been introduced as an effort to limit further investment from foreign entities.
The Promoting Agriculture Safeguards and Security (PASS) Act was recently introduced in both the U.S. House and Senate. It would prohibit China, Russia, Iran, and North Korea from purchasing U.S. agricultural land and agricultural companies. It would also add the Secretary of Agriculture as a standing member of the Committee on Foreign Investment in the United States (CFIUS). Representatives Jim Costa, Elise Stefanik, Rick Crawford, and Senators John Tester and Mike Rounds introduced the bipartisan bill.
“Food is a national security issue. Increasing foreign ownership of American farms and farmland is a threat to our food security,” Congressman Costa said in a press release. “We need to prevent foreign adversaries like China and Iran from undermining the American agricultural industry. We introduced this legislation to ensure American agriculture is operated by American businesses.”
Other legislative attempts to curb foreign investment in U.S. agriculture is the reintroduction of the Foreign Adversary Risk Management (FARM) Act. The bill had previously been introduced in both the U.S. House and Senate back in October of 2021 by Representative Ronny Jackson and Senator Tommy Tuberville. Agricultural supply chains would be considered critical infrastructure and critical technologies under the FARM Act. USDA and the Government Accountability Office would also report to Congress on current and potential foreign investments in the U.S. agricultural industry.
“America’s agriculture community needs to have a permanent seat at the table when our government vets foreign investment in our country,” said Senator Tuberville. “Adding all parts of the agricultural supply chain to the list of transactions reviewed by CFIUS is the first step toward ensuring America’s agricultural suppliers can keep food on tables across the country.”
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