Senate votes to limit purchases of farmland by China, Iran, North Korea and Russia

Senators on Tuesday approved an amendment to the annual Defense Policy bill that would limit China, Iran, North Korea and Russia from purchasing farmland on U.S. soil. The measure passed with 91 votes in favor and seven against.

Countering China's espionage

The amendment would allow the Foreign Investment Committee to evaluate land transactions in the United States. The aim is to counter Beijing's espionage activities and reduce its economic power. Senator Mike Rounds, a proponent of the changes, posted on Twitter, "China and Russia are our near-peer adversaries. North Korea and Iran are no friends of the United States."

The reform was led by Republican Senators Mike Rounds of South Dakota, Steve Daines of Montana, John Kennedy of Louisiana, Joni Ernst of Iowa, Cynthia Lummis of Wyoming, Ted Cruz of Texas, Kevin Cramer and John Hoeven of North Dakota. Katie Britt of Alabama and Democratic Senators Jon Tester of Montana and Sherrod Brown of Ohio.

In addition, lawmakers voted in favor of a second amendment that will require Americans to report to the Treasury Department any investment transactions in national security industries in those countries. The notification must be made within 14 days after the negotiation. "This is a step to make sure that we are not handing over valuable U.S. assets to foreign entities that want to replace us as the world's leading military and economic power," said Jon Tester, D-Montana in a statement reported by The New York Times.

Several companies and financial firms have expressed their opposition to the amendment. However, there is still a ways to go before the bill will be sent to President Joe Biden for him to sign into law.