Another layer of scrutiny would be added to foreign acquisitions of America’s farmland and agricultural industries under bipartisan legislation introduced on Tuesday by U.S. Sen. Todd Young (R-IN) — specifically monitoring purchases made by U.S. adversaries like China, North Korea, Russia, and Iran.
“Nearly two-thirds of land in Indiana — and more than half of all land in the United States — is farmland. Recent efforts by China and other adversaries to buy agricultural land across the country could present a national security threat,” Sen. Young said. “Indiana is a leader in restricting these purchases, but Congress must act to ensure permanent safeguards are in place in all 50 states.”
Sen. Young is one of 16 original cosponsors of the Protecting American Agriculture from Foreign Adversaries Act of 2024, S. 5007, which is sponsored by U.S. Sen. Mike Braun (R-IN). Among the additional cosponsors are U.S. Sens. Marsha Blackburn (R-TN), Deb Fischer (R-NE), Joni Ernst (R-IA), and Jon Tester (D-MT).
If enacted, H.R. 5007 would permanently include the U.S. Secretary of Agriculture as a member of the Committee on Foreign Investment in the United States (CFIUS) with respect to covered transactions involving agricultural land, agricultural biotech, or the transportation, storage, and processing of agricultural products, according to a bill summary provided by Sen. Young’s staff.
Additionally, the measure would authorize the Agriculture Secretary to report both agricultural land transactions that involve foreign persons of China, North Korea, Russia, or Iran, and transactions that require Agricultural Foreign Investment Disclosure Act reporting to CFIUS.
The Indiana Farm Bureau, the American Farm Bureau, the Indiana Soybean Alliance, and the Indiana Corn Growers Association have endorsed the bill.