Ricketts calls on stronger reporting requirements to prevent foreign ownership of U.S. farmland
Act would improve data sharing between the agriculture department and Committee on Foreign Investment
By News Channel NebraskaWASHINGTON, D.C. - U.S. Sen. Pete Ricketts told the Senate Banking Committee Friday that financial tools should be improved to prevent China from acquiring sensitive U.S. farmland.
He introduced an act to improve the Council on Foreign Investment process to light of a trend where China owned 13,720 acres of American farmland in 2010, but owned 277,000 acres in 2023. Ricketts says some of the land is near military installations.
Under the Agricultural Foreign Investment Disclosure Act, foreign entities are required to disclose transactions of farmland. Ricketts said his bill with strengthen reporting requirements to improve data sharing between the agricultural department and the Committee on Foreign Investment in the United States.