[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1066 Introduced in Senate (IS)]
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118th CONGRESS
1st Session
S. 1066
To increase oversight of foreign direct investment in agricultural land
in the United States, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 29, 2023
Mr. Lankford (for himself, Mr. Bennet, Mr. Risch, and Mr. Tillis)
introduced the following bill; which was read twice and referred to the
Committee on Agriculture, Nutrition, and Forestry
_______________________________________________________________________
A BILL
To increase oversight of foreign direct investment in agricultural land
in the United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Security and Oversight for
International Landholdings Act of 2023'' or the ``SOIL Act of 2023''.
SEC. 2. REVIEW BY COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES
OF CERTAIN AGRICULTURAL REAL ESTATE TRANSACTIONS.
Section 721(a)(4) of the Defense Production Act of 1950 (50 U.S.C.
4565(a)(4)) is amended--
(1) in subparagraph (A)--
(A) in clause (i), by striking ``; and'' and
inserting a semicolon;
(B) in clause (ii), by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(iii) any transaction described in clause
(vi) or (vii) of subparagraph (B) proposed or
pending on or after the date of the enactment
of this clause.''; and
(2) in subparagraph (B), by adding at the end the
following:
``(vi) Any acquisition or transfer of an
interest, other than a security, in
agricultural land held by a person that is a
national of, or is organized under the laws or
otherwise subject to the jurisdiction of, a
country--
``(I) designated as a nonmarket
economy country pursuant to section
771(18) of the Tariff Act of 1930 (19
U.S.C. 1677(18)); or
``(II) identified as a country that
poses as risk to the national security
of the United States in the most recent
annual report on worldwide threats
issued by the Director of National
Intelligence pursuant to section 108B
of the National Security Act of 1947
(50 U.S.C. 3043b)(commonly known as the
`Annual Threat Assessment').''.
SEC. 3. REVIEW BY COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES
OF REAL ESTATE TRANSACTIONS NEAR MILITARY INSTALLATIONS.
Section 721(a)(4)(B) of the Defense Production Act of 1950 (50
U.S.C. 4565(a)(4)(B)), as amended by section 2, is amended by adding at
the end the following:
``(vii) Any acquisition or transfer of an
interest, other than a security, in any form of
real estate that is located not more than 50
miles from a military installation (as that
term is defined in section 2801(c)(4) of title
10, United States Code) other than residential
property held by a person that is a national
of, or is organized under the laws or otherwise
subject to the jurisdiction of, a country--
``(I) designated as a nonmarket
economy country pursuant to section
771(18) of the Tariff Act of 1930 (19
U.S.C. 1677(18)); or
``(II) identified as a country that
poses as risk to the national security
of the United States in the most recent
annual report on worldwide threats
issued by the Director of National
Intelligence pursuant to section 108B
of the National Security Act of 1947
(50 U.S.C. 3043b)(commonly known as the
`Annual Threat Assessment').''.
SEC. 4. EXPANSION OF MEMBERSHIP IN COMMITTEE ON FOREIGN INVESTMENT IN
THE UNITED STATES.
Section 721(k)(6) of the Defense Production Act of 1950 (50 U.S.C.
4565(k)(6)) is amended to read a follows:
``(6) Other members.--The chairperson shall include the
heads of relevant departments, agencies, and offices (or the
designee of any such head) in any review or investigation under
subsection (a), on the basis of the facts and circumstances of
the covered transaction under review or investigation.''.
SEC. 5. PROHIBITION ON USE OF FUNDS FOR CERTAIN AGRICULTURAL REAL
ESTATE HOLDINGS.
No assistance, including subsidies, may be provided by any Federal
agency to a person for an agricultural real estate holding wholly or
partly owned by a person that is a national of, or is organized under
the laws or otherwise subject to the jurisdiction of, a country--
(1) designated as a nonmarket economy country pursuant to
section 771(18) of the Tariff Act of 1930 (19 U.S.C. 1677(18));
or
(2) identified as a country that poses as risk to the
national security of the United States in the most recent
annual report on worldwide threats issued by the Director of
National Intelligence pursuant to section 108B of the National
Security Act of 1947 (50 U.S.C. 3043b)(commonly known as the
``Annual Threat Assessment'').
SEC. 6. DISCLOSURE REQUIREMENTS FOR FOREIGN AGRICULTURAL REAL ESTATE
HOLDINGS.
(a) Reporting Requirements.--Section 2(a) of the Agricultural
Foreign Investment Disclosure Act of 1978 (7 U.S.C. 3501(a)) is
amended--
(1) in the first sentence of the matter preceding paragraph
(1)--
(A) by inserting ``, or enters into a leasing
agreement the period of which is longer than 5 years
with respect to agricultural land,'' after
``agricultural land''; and
(B) by striking ``acquisition or transfer'' and
inserting ``acquisition, transfer, or lease''; and
(2) in paragraph (4), by striking ``acquired or
transferred'' and inserting ``acquired, transferred, or
leased''.
(b) Revocation of Minimum Acreage Requirement.--Section 9(1) of the
Agricultural Foreign Investment Disclosure Act of 1978 (7 U.S.C.
3508(1)) is amended by inserting ``, subject to the condition that the
Secretary may not exclude land from this definition based on the
acreage of the land'' before the semicolon at the end.
SEC. 7. REPORTS OF HOLDINGS OF AGRICULTURAL LAND IN THE UNITED STATES
BY FOREIGN PERSONS.
Section 6 of the Agricultural Foreign Investment Disclosure Act of
1978 (7 U.S.C. 3505) is amended--
(1) by striking the section designation and heading and all
that follows through ``Not later than'' and inserting the
following:
``SEC. 6. REPORTS.
``(a) Transmission of Reports to States.--Not later than''; and
(2) by adding at the end the following:
``(b) Annual Report.--
``(1) In general.--Annually, the Secretary shall prepare
and make publicly available a report describing holdings of
agricultural land by foreign persons, as determined by reports
submitted under section 2, including--
``(A) an analysis of the countries with the most
extensive agricultural land holdings on a State-by-
State and county-by-county basis;
``(B) data and an analysis of agricultural land
holdings in each county in the United States by a
foreign person from--
``(i) the People's Republic of China;
``(ii) the Russian Federation; or
``(iii) any other country that the
Secretary determines to be appropriate;
``(C) an analysis of the sectors and industries for
which the agricultural land holdings are used; and
``(D) in consultation with the Director of the
United States Geological Survey, an identification of
countries that own or lease water rights and mineral
deposits on a State-by-State and county-by-county
basis.
``(2) Transmission to states.--The Secretary shall transmit
the report prepared under paragraph (1) to each State
department of agriculture or appropriate State agency described
in subsection (a) in conjunction with the applicable reports
transmitted under that subsection.''.
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