(NAFB.com) – Senators Tammy Baldwin (D-WI) and Chuck Grassley (R-IA) introduced bipartisan legislation to increase the transparency and oversight of foreign ownership in America’s agricultural industry. The “Farmland Security Act of 2023” builds on the “Farmland Security Act of 2022” by ensuring that all foreign investors, including “shell companies,” who buy American agricultural land report their holdings and strengthens the penalties for those who evade the required filing. It also invests in research to better understand the impact foreign ownership of American farmland and agricultural production capacity has on our domestic food supply, family farms, and rural communities. Current reporting shows that foreign-owned agricultural acreage has increased in recent years. However, the data that’s been collected is incomplete or inaccurate. The new legislation will direct USDA to conduct an annual compliance audit to ensure accuracy and provide annual training to state and county-level USDA staff on identifying non-reporting of foreign-owned agricultural land.