Nebraska Panhandle News

During a recent Senate Banking Committee hearing, U.S. Senator Pete Ricketts (R-NE) addressed the need for stronger financial measures to prevent China from acquiring sensitive American farmland and to limit the actions of Chinese leadership through sanctions.

“Communist China is the threat to America,” said Ricketts. “They want to supplant us as the world superpower, and they’ve made it clear that they are going to use every lever of power to be able to undermine our national security.  Confronting this threat requires a comprehensive strategy that strengthens the safety of our financial system, secures our critical assets, and closes loopholes for Communist China to seek and exploit.”

Ricketts pointed out the role of the Council on Foreign Investment in the United States (CFIUS) and discussed his proposed AFIDA Improvements Act, which aims to address shortcomings in current reporting requirements.

“In 2010 Communist China owned 13,720 acres of American farmland in 2023 Communist China owned 277,000 acres of that farmland, and that is a threat to our national security. A lot of that, sometimes that farmland was located by our sensitive military installations,” said Ricketts. “Under the Agricultural Foreign investment Disclosure Act (AFIDA), foreign entities are required to disclose the transactions of American agricultural land to the USDA… USDA then shares the data with CFIUS (Committee on Foreign Investment in the United States) agencies so they can identify and review the transactions that pose national security risks.  However, the Government Accountability Office (GAO) published a report on the AFIDA process, which flagged incomplete data reporting process errors and delays.  That’s why I introduced the AFIDA Improvements Act.  My bill will strengthen reporting requirements and improve data sharing coordination between USDA and CFIUS so that national security risks tied to foreign land purposes are flagged immediately.”

The AFIDA Improvements Act seeks legislative updates for better oversight under existing law from 1978. It would give more authority to the U.S. Department of Agriculture by requiring foreign entities purchasing U.S. agricultural land to report these transactions directly to USDA for improved monitoring and response.

According to USDA data, foreign investors currently own over 40 million acres of agricultural land across America. Between 2010 and 2023 alone, Chinese ownership increased significantly—from just under 14,000 acres up to nearly 277,000 acres.

During his remarks at committee hearings considering several federal nominations—including roles at HUD and Treasury—Ricketts also challenged statements made by Ranking Member Elizabeth Warren (D-MA) about inflation rates related to gas prices.

“The ranking member was talking about inflation. I might note that on Labor Day, the average price of gas was $3.15 a gallon,” said Ricketts.“That’s the lowest it’s been since 2020. People in my state tend to drive a lot and that’s a big factor in household income and inflation. And to me, that says that the President’s policies of unleashing American energy are important.”