Denver — U.S. Senator Michael Bennet (D-Colo.) joined U.S. Senators James Lankford (R-Okla.), Jim Risch (R-Idaho), Thom Tillis (R-N.C.), and Marsha Blackburn (R-Tenn.) to reintroduce the bipartisan Security and Oversight for International Landholdings (SOIL) Act. This legislation would provide oversight and transparency of purchases of agricultural land that threaten U.S. national security.
“For too long, Congress has stood by while foreign adversaries like China and Russia purchase American farmland while family farmers and local economies suffer,” said Bennet. “This bipartisan bill will help us evaluate the effects of these foreign purchases on national security – for the sake of American growers, farmers, and ranchers across the country.”
“China continues to buy up American farm land, steal our patents, and expand their authoritarian world view. America will demonstrate to the world our values and maintain our economic and military strength to assure the globe has the best opportunity for freedom. No one in China should doubt America’s resolve and commitment to liberty,” said Lankford.
Specifically, the bill requires the Committee on Foreign Investment in the United States to review agricultural land acquisition deals from non-market economies and countries that pose a national security risk to the U.S., and to consult the U.S. Secretary of Agriculture on such deals. The legislation also prohibits federal assistance for certain foreign-held real estate holdings, broadens disclosure requirements for land purchases made by foreign entities and their intended uses, and increases U.S. Department of Agriculture (USDA) reporting on land acquisitions by China and Russia.
As of 2023, Colorado ranks third in the country for the most foreign-owned agricultural acreage, according to USDA. There are 2.5 million acres of foreign-owned agricultural land in Colorado.
Bennet, Lankford, Risch, and Tillis previously introduced the SOIL Act in April 2023.
The text of the bill is available HERE.