To require the Secretary of Agriculture to enter into a memoranda of understanding with CFIUS with respect to reports under AFIDA and to update the AFIDA handbook.

Key Points

• This bill requires the Department of Agriculture to share information about foreign ownership of American farmland with a national security committee. This committee reviews foreign investments to see if they pose a threat to the country.
• The Department of Agriculture would have to provide details on every report it receives about foreign land purchases. This includes the names of the foreign people or companies buying the land and when they made the purchase.
• The bill also requires the government to update its official handbook on foreign land reporting within two years. These updates must include suggestions from a 2024 government report on how to better track national security risks.
• After the first update, the government would be required to refresh this handbook every ten years. This ensures that the rules for tracking foreign land ownership stay current as technology and security needs change.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.