Explanation of H. R. 7131 in Layman's Terms
This bill aims to make changes to the Agricultural Foreign Investment Disclosure Act of 1978. The main focus is to add a new reporting requirement for foreign individuals or entities who own at least 1 percent of agricultural land in the U.S. If more than one foreign person has ownership stakes in the same land, they each need to report their ownership.
Additionally, the bill outlines enforcement actions to ensure compliance with these reporting requirements. It also requires the Secretary of Agriculture to share relevant information with the Committee on Foreign Investment in the United States about reports on foreign ownership of U.S. agricultural land.
The bill also calls for updates to the handbook used for Foreign Investment Disclosure every 10 years and sets out a process for electronic submission and retention of reports under the Act.
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