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Standard Summary
Comprehensive overview in 1-2 paragraphs
FARMLAND Act to strengthen oversight of foreign investment in US agricultural industry and enhance national security protections.
Key Points
- 1Amends Agricultural Foreign Investment Disclosure Act of 1978 to strengthen oversight
- 2Increases civil penalties for noncompliance from up to 25% to between 5-25% of transaction value
- 3Requires due diligence for agricultural land purchases by all parties involved
- 4Mandates annual reporting on foreign ownership by countries of concern (China, Russia, state sponsors of terrorism)
- 5Enhances Committee on Foreign Investment in the United States (CFIUS) review authority for agricultural real estate
- 6Authorizes $44 million over 5 years for implementation and database development
Impact Areas
Agricultural industryForeign investorsNational securityFood securityRural communitiesFederal agencies
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