To require the Secretary of Agriculture to enter into a memoranda of understanding with CFIUS with respect to reports under AFIDA and to update the AFIDA handbook.

This bill aims to strengthen the implementation of the Agricultural Foreign Investment Disclosure Act of 1978 (AFIDA) by enhancing information sharing and updating guidance documents. It mandates that the Secretary of Agriculture enter into one or more memoranda of understanding (MOU) with the Committee on Foreign Investment in the United States (CFIUS) within one year of enactment, providing CFIUS with all relevant information from AFIDA reports, including the identity of foreign persons and submission dates. This information sharing is intended to help identify potential national security risks associated with foreign ownership of U.S. agricultural land. Furthermore, the bill requires the Secretary to update the Farm Service Agency handbook titled "Foreign Investment Disclosure" within two years, specifically incorporating recommendations from a January 2024 Government Accountability Office (GAO) report. Subsequent updates to this handbook are then mandated every 10 years, ensuring ongoing incorporation of GAO recommendations for effective AFIDA implementation.