1. Short title This Act may be cited as the Foreign Agricultural Restrictions to Maintain Local Agriculture and National Defense Act of 2023 or the FARMLAND Act of 2023 . 2. Agricultural foreign investment (a) Findings Congress finds that— (1) agriculture is vital for the national security and economic prosperity of the United States and is a key element of United States national power; (2) agriculture of the United States feeds the people of the United States and the world, and has been a key contributor to advancements in technology and medicine; (3) strategic competitors of the United States have hegemonic goals to dominate the global agriculture industry and undermine the United States agriculture sector through intellectual property theft of seeds and other patented agriculture-related technologies; (4) China in particular has increased agricultural investments tenfold over the past decade and continues to make investments in United States agriculture, agribusiness, and animal processing industries, including by acquiring ownership of farmland in the United States; (5) the United States must prevent agricultural espionage and theft of intellectual property conducted by China and other foreign entities of concern (as defined in section 9 of the Agricultural Foreign Investment Disclosure Act of 1978 ( 7 U.S.C. 3508 )); (6) agricultural intellectual property theft may enable global competitors to undercut United States producers in international seed markets; (7) the Federal Government does not fully exercise its authorized oversight over investment transactions within the agricultural industry, causing— (A) United States farmland to be under foreign acquisition; and (B) the influence of foreign adversaries on agriculture in the United States to be an unknown risk factor