Farmland Security Act of 2023

S 2382, the Farmland Security Act of 2023, amends the Agricultural Foreign Investment Disclosure Act to strengthen oversight of foreign ownership of U.S. farmland. It directly affects foreign-owned shell corporations (entities with no real operations) by imposing a civil penalty equal to 100% of the land's fair market value for failing to disclose purchases, with a 60-day remedy window. Key provisions include requiring annual audits of 10% of disclosure reports, mandating annual reports to Congress on foreign agricultural leasing trends and land ownership patterns, and authorizing $2 million annually for implementation through fiscal year 2028. The bill focuses on improving transparency and data collection, not on restricting foreign investment.