SOIL Act of 2023
Latest action · Mar 29, 2023 Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 29, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Security and Oversight for International Landholdings Act of 2023 or the SOIL Act of 2023
This bill establishes and expands requirements for reviewing and disclosing transactions regarding foreign investments in agricultural land.
The Committee on Foreign Investment in the United States (CFIUS) must review certain investments in agricultural land held by a person (i.e., individual or entity) that is a national of, or subject to the jurisdiction of, a country (1) designated as a nonmarket economy, or (2) identified as posing a risk to the national security of the United States. Under current law, CFIUS reviews the national security implications of certain foreign investments in U.S. businesses or real estate, including critical infrastructure or technologies.
CFIUS must also review certain real estate acquisitions or transfers of an interest, other than a security, for nonresidential properties that are located within 50 miles of a military installation.
The bill also prohibits federal assistance, including subsidies, from being provided to a person for an agricultural real estate holding which is owned by any of the foreign persons specified above.
The bill requires any foreign person who enters into a leasing agreement for agricultural land that is longer than five years to report the lease to the Department of Agriculture (USDA). Current requirements only apply to agriculture land acquired or transferred.
Further, USDA must prepare and make publicly available an annual report describing agricultural land holdings by foreign persons, including specific information related to foreign persons from China and Russia.
Cosponsors 3
Members who signed on, in the order they did. All signed on Mar 29, 2023.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-ID | James E. Risch | Original | Mar 29, 2023 |
| D-CO | Michael F. Bennet | Original | Mar 29, 2023 |
| R-NC | Thom Tillis | Original | Mar 29, 2023 |
Actions 2
Everything that happened, newest first.
- Mar 29, 2023Introduced in Senate
- Mar 29, 2023Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Subjects
Assigned by the Library of Congress. Policy area: Agriculture and Food.
Text 1
Each version as it was printed, newest first.
- Mar 29, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.