SOIL Act of 2022
Bill: S.4821 | Sponsor: Sen. Lankford, James (R-OK)
Policy area: Agriculture and Food

Summary:
Security and Oversight for International Landholdings Act of 2022 or the SOIL Act of 2022
This bill expands provisions related to foreign investment in certain agricultural land transactions. For example, the bill requires the Committee on Foreign Investment in the United States to review an investment that could result in certain foreign control of U.S. agricultural land.

To increase oversight of foreign direct investment in agricultural land 
             in the United States, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Security and Oversight for 
International Landholdings Act of 2022'' or the ``SOIL Act of 2022''.

SEC. 2. REVIEW BY COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES 
              OF CERTAIN AGRICULTURAL REAL ESTATE TRANSACTIONS.

    Section 721(a)(4) of the Defense Production Act of 1950 (50 U.S.C. 
4565(a)(4)) is amended--
            (1) in subparagraph (A)--
                    (A) in clause (i), by striking ``; and'' and 
                inserting a semicolon;
                    (B) in clause (ii), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following:
                            ``(iii) any transaction described in 
                        subparagraph (B)(vi) proposed or pending on or 
                        after the date of the enactment of this 
                        clause.''; and
            (2) in subparagraph (B), by adding at the end the 
        following:
                            ``(vi) Any acquisition or transfer of an 
                        interest, other than a security, in 
                        agricultural land held by a person that is a 
                        national of, or is organized under the laws or 
                        otherwise subject to the jurisdiction of, a 
                        country--
                                    ``(I) designated as a nonmarket 
                                economy country pursuant to section 
                                771(18) of the Tariff Act of 1930 (19 
                                U.S.C. 1677(18)); or
                                    ``(II) identified as a country that 
                                poses a risk to the national security 
                                of the United States in the most recent 
                                annual report on worldwide threats 
                                issued by the Director of National 
                                Intelligence pursuant to section 108B 
                                of the National Security Act of 1947 
                                (50 U.S.C. 3043b)(commonly known as the 
                                `Annual Threat Assessment').''.

SEC. 3. EXPANSION OF MEMBERSHIP IN COMMITTEE ON FOREIGN INVESTMENT IN 
              THE UNITED STATES.

    Section 721(k)(2) of the Defense Production Act of 1950 (50 U.S.C. 
4565(k)(2)) is amended--
            (1) by redesignating subparagraphs (H), (I), and (J), as 
        subparagraphs (I), (J), and (K), respectively; and
            (2) inserting after subparagraph (G), the following new 
        subparagraph:
                    ``(H) The Secretary of Agriculture.''.

SEC. 4. PROHIBITION ON USE OF FUNDS FOR CERTAIN AGRICULTURAL REAL 
              ESTATE HOLDINGS.

    No assistance, including subsidies, may be provided by any Federal 
agency to a person for an agricultural real estate holding wholly or 
partly owned by a person that is a national of, or is organized under 
the laws or otherwise subject to the jurisdiction of, a country--
            (1) designated as a nonmarket economy country pursuant to 
        section 771(18) of the Tariff Act of 1930 (19 U.S.C. 1677(18)); 
        or
            (2) identified as a country that poses as risk to the 
        national security of the United States in the most recent 
        annual report on worldwide threats issued by the Director of 
        National Intelligence pursuant to section 108B of the National 
        Security Act of 1947 (50 U.S.C. 3043b)(commonly known as the 
        ``Annual Threat Assessment'').

SEC. 5. DISCLOSURE REQUIREMENTS FOR FOREIGN AGRICULTURAL REAL ESTATE 
              HOLDINGS.

    (a) Reporting Requirements.--Section 2(a) of the Agricultural 
Foreign Investment Disclosure Act of 1978 (7 U.S.C. 3501(a)) is 
amended--
            (1) in the first sentence of the matter preceding paragraph 
        (1)--
                    (A) by inserting ``, or enters into a leasing 
                agreement the period of which is longer than 5 years 
                with respect to agricultural land,'' after 
                ``agricultural land''; and
                    (B) by striking ``acquisition or transfer'' and 
                inserting ``acquisition, transfer, or lease''; and
            (2) in paragraph (4), by striking ``acquired or 
        transferred'' and inserting ``acquired, transferred, or 
        leased''.
    (b) Revocation of Minimum Acreage Requirement.--Section 9(1) of the 
Agricultural Foreign Investment Disclosure Act of 1978 (7 U.S.C. 
3508(1)) is amended by inserting ``, subject to the condition that the 
Secretary may not exclude land from this definition based on the 
acreage of the land'' before the semicolon at the end.

SEC. 6. REPORTS OF HOLDINGS OF AGRICULTURAL LAND IN THE UNITED STATES 
              BY FOREIGN PERSONS.

    Section 6 of the Agricultural Foreign Investment Disclosure Act of 
1978 (7 U.S.C. 3505) is amended--
            (1) by striking the section designation and heading and all 
        that follows through ``Not later than'' and inserting the 
        following:

``SEC. 6. REPORTS.

    ``(a) Transmission of Reports to States.--Not later than''; and
            (2) by adding at the end the following:
    ``(b) Annual Report.--
            ``(1) In general.--Annually, the Secretary shall prepare 
        and make publicly available a report describing holdings of 
        agricultural land by foreign persons, as determined by reports 
        submitted under section 2, including--
                    ``(A) an analysis of the countries with the most 
                extensive agricultural land holdings on a State-by-
                State and county-by-county basis;
                    ``(B) data and an analysis of agricultural land 
                holdings in each county in the United States by a 
                foreign person from--
                            ``(i) the People's Republic of China;
                            ``(ii) the Russian Federation; or
                            ``(iii) any other country that the 
                        Secretary determines to be appropriate; and
                    ``(C) an analysis of the sectors and industries for 
                which the agricultural land holdings are used.
            ``(2) Transmission to states.--The Secretary shall transmit 
        the report prepared under paragraph (1) to each State 
        department of agriculture or appropriate State agency described 
        in subsection (a) in conjunction with the applicable reports 
        transmitted under that subsection.''.
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