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CED-78-173 1 (1978-09-15)

handle is hein.gao/gaobaaxwk0001 and id is 1 raw text is: -11oi t - -ll1111Lllll11llllllll LM107047 COMPTROLLER GENERAL OF THE UNrTEO STATES WASINGTO. OCC. ZgS48 3-114824 SEP 15 1978 The Honorable Richard Nolan Chairman, Subcoinmittee on Family Farms, Rural Development, and Special Studies Committee on Agriculture House of Representatives Dear Mr. Chairman: In meetings with your office, we agreed to take a quick look at the activities of the Department of Commerce's Office of Foreign Investment in the United States and its Bureau of Economic Analysis-concerning collection of data on foreign investment in U.S. farmland. Our observations, summarized below, reflect the results of 2 weeks of discussions with agency officials and a quick review of pertinent legislation and executive orders. We briefed your office on the results of our work and agreed to provide a report summarizing the information we obtained. We have discussed this report informally with officials of the two Commerce agencies. As required by the International Investment Survey Act of 1976 (Public Law 94-472, 90 Stat. 2159) and two executive oreers (No. 11858 dated May 7, 1975, and No. 11961 dated Jan. 19, 1977), the two Commerce agencies are gathering and reporting data on the broad subject of foreign investments. However, we believe that the data sources and procedures which these agencies are using or plan to use in identifying and reporting on-foreign investments will not provide the type of data your Sub- committee and other congressional sources are seeking on the extent of foreign investment in U.S. farmland. These matters are discussed below in greater detail. RESPONSIBILITY FOR MONITORING AND COLLECTING AND ANALYZING DATA ON FOREIGN INVESTMENT Under the provisions of the two executive orders and the 1976 act, the Department of Commerce is required to monitor all types of foreign direct investments and to periodically collect, analyze, and report data on such investments. CED-78-173 RELEASED (0218i)

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