U.S. Senators Tammy Baldwin from Wisconsin and Chuck Grassley of Iowa have introduced the Farmland Security Act to increase scrutiny over foreign investments in American agricultural land. The legislation ensures that the American people and Congress can address the impacts foreign investments have on family farms, rural communities, and the domestic food supply.
"I am proud to advocate for our agriculture industry by introducing the American Farmland Security Act," said Senator Baldwin. "This bipartisan legislation will provide the tools we need to protect the longevity of American family farm operations for generations to come."
The Agricultural Foreign Investment Disclosure Act requires foreign entities to disclose their purchases of American agricultural land. Current reporting shows that foreign-owned agricultural acreage has nearly doubled in the past decade, however, the data that has been collected is incomplete and inaccurate. In fact, investigators estimate that the foreign ownership of land is nearly double current figures.
The measure would requiring the secretary to report to Congress on foreign investments in agricultural land, as well as publish all prior year disclosures of foreign investments in such property.
Categories: Wisconsin, Business, Government & Policy