FARMLAND Act of 2023

The FARMLAND Act of 2023 strengthens oversight of foreign investment in U.S. agricultural land, particularly by entities from countries designated as "foreign entities of concern" (including China and Russia) or state sponsors of terrorism. It requires entities involved in agricultural land transactions to conduct due diligence and certify compliance, increases civil penalties for non-compliance to 5-25% of transaction value, and prohibits foreign persons from participating in Farm Service Agency programs. The bill mandates annual reports on foreign ownership of farmland by state, creates a new position to monitor compliance, and requires a public database tracking foreign-owned agricultural land to protect U.S. agricultural security.