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.

Not later than 1 year after the date of enactment of this Act, the Secretary of Agriculture shall enter into 1 or more memoranda of understanding with the Committee on Foreign Investment in the United States under which the Secretary shall provide the Committee with all relevant information relating to reports on foreign ownership of United States agricultural land submitted to the Secretary under section 2 of the Agricultural Foreign Investment Disclosure Act of 1978 (7 U.S.C. 3501), including information on—
each report submitted to the Secretary under such section; and
with respect to each such report, the identity of the foreign persons included in the report and the date of submission.
Not later than 2 years after the date of enactment of this Act, the Secretary of Agriculture shall—
update the most recent version of the Farm Service Agency handbook titled Foreign Investment Disclosure as determined necessary by the Secretary for the effective implementation of the Agricultural Foreign Investment Disclosure Act of 1978 (7 U.S.C. 3501 et seq.); and
incorporate in such update the recommendations made by the report of the Government Accountability Office titled Foreign Investments in U.S. Agricultural Land: Enhancing Efforts to Collect, Track, and Share Key Information Could Better Identify National Security Risks and dated January 18, 2024.
After carrying out the update of the handbook under paragraph (1)(A), the Secretary of Agriculture shall carry out an update of such handbook every 10 years thereafter, including by incorporating any recommendations of the Government Accountability Office.