Nick McWilliams reporting – Two additional bills have been added to the National Defense Authorization Act, receiving bipartisan support in the Senate.
The two bills, recently discussed by U.S. Senator Sherrod Brown of Ohio, deal with protections for farmland in Ohio and the nation, as well as foreign investments made in critical technology, which some lawmakers fear could compromise U.S. data.
Brown says that foreign purchases of privately-held farmland in the nation, primarily by China, has skyrocketed 30-percent in just a year, which he sees as a troubling trend.
“The PASS Act would prevent big investors from China, Russia, Iran, and North Korea from acquiring Ohio farmland and food businesses. We can’t allow our foreign adversaries to buy up farmland in Ohio and around the country. I think it’s a threat to our national security. It’s a threat to rural economies, and our way of life.”
Under the bill, foreign investment in agricultural land and agribusiness would be screened under the Foreign Investment committee.
The second bill, the Outbound Investment Transparency Act, would require companies to notify the U.S. Department of Treasury when certain foreign investments are made dealing with sensitive technology, such as with semiconductors and artificial intelligence.
Brown stated that many in the U.S. government believe countries like China have used these technology outsourcing situations to enhance military capabilities, potentially leading to risks in national security and economic threats.
The two provisions are on the defense bill for fiscal year 2024.
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