Oct 06, 2021 3:32 PM

FARM Act seeks oversite on Foreign Ag Farmland Investments

Posted Oct 06, 2021 3:32 PM

Lawmakers Tuesday introduced the Foreign Adversary Risk Management or FARM Act. The legislation seeks to combat foreign interference in America's agriculture supply chain through reforms to the Committee on Foreign Investment in the United States.

Texas Republican Representative Ronny Jackson and Texas Democrat Filemon Vela introduced the legislation in the House. Senator Tommy Tuberville, an Alabama Republican, introduced companion legislation in the Senate.

The bill would add the Agriculture Secretary to the Committee on Foreign Investment, an interagency committee authorized to review certain foreign investment transactions, and designate agriculture as critical infrastructure.

Texas Farm Bureau President Russell Boening welcomed the legislation, commenting, “As Texas has experienced a surge of foreign investors buying agricultural land, it is critical that proper oversight is provided to ensure our national security.”

Foreign investment in the U.S. agriculture industry has grown rapidly, as foreign investors currently control at least 28.3 million acres of agricultural land valued at $52.2 billion.