Grassley introduces bill to regulate foreign bids to purchase US farmland

WASHINGTON — After its passage in the House, Iowa Senator Chuck Grassley has introduced the Protecting American Agriculture from Foreign Adversaries Act in the Senate. The legislation would increase scrutiny of foreign bids to purchase US farmland, particularly from adversaries like China, North Korea, Russia and Iran, by adding the Secretary of Agriculture to the Committee on Foreign Investment in the United States.

Grassley says there needs to be more oversight from the USDA and the bill would make the Secretary of Agriculture a permanent member of CFIUS.  “The Committee on Foreign Investment in the United States (CFIUS) is responsible for evaluating risk when other countries want to make certain purchases in the United States. CFIUS consists of several agencies. Now it happens that the Department of Agriculture is not among those agencies that regularly sit on CFIUS. That is a very glaring oversight.”

Grassley says he’s heard from Iowans who are concerned about China buying up farmland.   “Iowa farmers often tell me they’re concerned about foreign entities with deep pockets could squeeze them out of business. We’ve also seen cases where China has bought large plots of land near strategic military installations. The US Department of Agriculture ought to have a seat at that table, particularly when purchases like that arise ,especially when adversaries like China are involved.”

Grassley says foreign ownership of farmland has been something he’s focused on during his time in Washington.  “To give you an idea, I co-sponsored a 1978 law that was the first to require foreigners to disclose their assets in US farmland.”

That bill recently passed the House on a 269-to-149 vote