Inhofe, Lankford Move to Protect Oklahoma Ag Land from Foreign Purchases

Press Release

U.S. Sens. Jim Inhofe (R-Okla.) and James Lankford (R-Okla.) yesterday introduced the Security and Oversight of International Landholdings (SOIL) Act in order to provide oversight and transparency of purchases of U.S. agricultural land that threaten national security. The senators continue to respond to concerns from Oklahomans about the multiple recent purchases of Oklahoma agricultural land by foreign entities.

"Over time, foreign investors, including international criminal entities who are trafficking illegal drugs, have bought up large amounts of United States agricultural farmland -- putting Oklahomans and Americans across the U.S. at risk," said Inhofe. "There is no question that caution must be taken when we consider who buys American land and what they plan to do with it. We need to be vigilant in implementing safeguards, like those in the Security and Oversight of International Landholdings (SOIL) Act, in order for our nation to maintain security, uphold human rights and increase transparency."

"The state's "legal' marijuana trade has also predictably attracted transnational criminal organizations to Oklahoma that are trafficking drugs and people," said Lankford. "The transnational criminal organizations have partnered with Chinese nationals to buy land and businesses throughout Oklahoma. This is a national security issue and a human rights issue. We need to know who is buying our land, how they are using it, and if any criminal activity is occurring."

Background

The SOIL Act deters potentially criminal investment in U.S. agriculture by:

Requiring Committee on Foreign Investment in the United States (CFIUS) review of agriculture real estate purchases by certain foreign entities.
Banning federal assistance for certain foreign-held real estate holdings.
Broadening disclosure requirements for land purchases made by foreign entities.

Source