FARMLAND Act of 2023

[AI summary unavailable — showing source text] Foreign Agricultural Restrictions to Maintain Local Agriculture and National Defense Act of 2023 or the FARMLAND Act of 2023 This bill expands federal authority and oversight over foreign investments in the U.S. agricultural industry. The bill expands the authority of the Committee on Foreign Investment in the United States (CFIUS) to include the review of land transactions (involving foreign entities) that exceed $5 million or 320 acres of land over the preceding three years. This applies to land that is primarily used for agriculture, the extraction of energy sources, or the extraction of critical precursor materials for biological technology industries, information technology components, or national defense technologies. Further, the bill adds the Secretary of Agriculture and the Commissioner of Food and Drugs to CFIUS membership. (CFIUS is an interagency committee that oversees the national security risks of certain foreign direct investment in the U.S. economy, including by reviewing certain real estate transactions.) Further, the bill expands enforcement of the Agricultural Foreign Investment Disclosure Act (AFIDA). The Department of Agriculture (USDA) mus…