H.R. 8722: 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.

This bill aims to enhance the regulation and oversight of foreign investments in U.S. agricultural land by requiring the Secretary of Agriculture to take specific actions regarding the reporting and tracking of these investments.

Key Provisions

1. Memoranda of Understanding with CFIUS

Within one year of the bill being enacted, the Secretary of Agriculture is required to establish one or more memoranda of understanding (MOU) with the Committee on Foreign Investment in the United States (CFIUS). This MOU will enable the Secretary to share all relevant information related to reports on foreign ownership of U.S. agricultural land. The information must include:

• Every report submitted to the Department of Agriculture concerning foreign ownership under the Agricultural Foreign Investment Disclosure Act of 1978 (AFIDA).
• The identity of the foreign entities mentioned in each report and the submission dates of these reports.

2. Updates to the AFIDA Handbook

Within two years of the bill's enactment, the Secretary of Agriculture is also tasked with updating the existing Farm Service Agency handbook titled "Foreign Investment Disclosure." This update must be based on the latest needs for effective implementation of AFIDA and should incorporate recommendations from a report by the Government Accountability Office. The report emphasizes the need for enhanced collection, tracking, and sharing of pertinent information to manage national security risks related to foreign investments in U.S. agricultural land.

3. Regular Handbook Updates

After the initial update of the handbook, the Secretary is mandated to perform updates every ten years, incorporating any new recommendations from the Government Accountability Office to ensure ongoing relevancy and effectiveness in addressing foreign investment concerns.

Relevant Companies

None found.