WASHINGTON – At today’s Senate Agriculture Committee hearing, Sen. Chuck Grassley (R-Iowa) commended Iowa for its laws on foreign ownership of farmland in the state. He asked a Department of Agriculture (USDA) witness about the implementation of a new law he helped write, which requires the agency report to Congress on foreign investments in U.S. farmland and publish all prior disclosures online. Watch Grassley’s full questioning below. 

Adversarial foreign governments like China have increasingly moved to purchase U.S. farmland, sometimes in strategic proximity to military installations. Not only does this threaten national security, but it could also increase land values and create barriers to entry for emerging farmers. Grassley is working to give the agency taskforce responsible for reviewing these transactions – the Committee on Foreign Investment in the United States (CFIUS) – the teeth to best protect against bad actors.

Senate Agriculture Committee Chairwoman Debbie Stabenow (D-Mich.) at the hearing recognized Grassley’s bipartisan efforts, saying, “We have invoked your name and leadership multiple times today. It’s been a pleasure to work with you on this issue ever since we raised great concerns about the original Smithfield purchase. Thank you for working with so many of us on both sides of the aisle on this issue.” 

Related Policymaking and Oversight:

Grassley is looking to update a law he authored in 1978 mandating foreign nationals disclose their American agricultural holdings to the USDA; the bipartisan bill he introduced with Sen. Tammy Baldwin (D-Wis.) would require shell companies to do the same. He is also aiming to permanently add the USDA to the group of agencies that make up CFIUS. Currently, agriculture officials are only consulted on a discretionary basis. 

This week in an oversight inquiry to Treasury Secretary and CFIUS Chair Janet Yellen, Grassley raised concerns that foreign governments could be skirting the agencies’ review process. Grassley, along with the ranking members of the Senate Finance and Banking committees, is seeking information to ensure CFIUS is thoroughly reviewing potential foreign transactions within its jurisdiction and accounting for risks. 

Grassley discussed foreign ownership of U.S. farmland in a Q&A available HERE. 

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