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CED-80-37 1 (1979-12-18)

handle is hein.gao/gaobababb0001 and id is 1 raw text is: IRgSTIRICTED -Not to breeased' outside the Geneaf I 41o0uL LR C.4A ccounting O ffice except on th en Iasis of specific approval by the Office of Congressional Relations. COMPTROLL.R GENERAL OF THE UNITED STATES WASHINGTON. D.C. ZOS4a &-19687 fELEASED 8-196874 DECEMBER 18, 1979 ehe Honorable Herman E. Talmadge \,V Chairman, Committee on Agriculture, hEi Nutrition, and Forestry //United States Senate 111135 Dear Mr. Chairman: Subject: ijmplementation of the Agricultural Foreign Investment Disclosure Act of 19781(CED-80-37) $In a letter dated September 13, 1979, you asked us to verify the accuracy of registrations received by the Depart- I_2 ment of Agriculture pursuant to the Agricultural Foreign In- ,-vestment Disclosure Act of 1978 (Public Law 95-460) by determining how many foreign investors identified in our July 30, 1979, report 1/ had registered with Agriculture.D The results of our work are outlined in the enclosure and highlights are presented below. if Essentially, all but 47 (21 percent) of the 224 trans- actions identified in our report had been registered or other- wise properly accounted for as of October 22, 1979. These 47 transactions represented 8,669 acres (3 percent) of the total acreage (248,146) we identified in our report.j All but 1 of the 47 unregistered transactions were in thre Cof the four States (California, Georgia, Kansas, and Washington) we select- ed for further checking. 6a We contacted or wrote to foreign investors or agents G covering all 47 unregistered transactions as well as some that were registered. Some foreign investors had registered between the time we began our review and the time we contacted them, or they had already filed with the county office but the forms had not been forwarded to Washington, D.C. Explanations received on the unregistered 47 transactions are listed on page 7 of the enclosure. -.with We noted a number of problems and potential problems ith the act's implementation, as discussed in the enclosure jThe more significant problems nd some other observations on the program are summarized be ow. _,J ) --_ U l/Foreign Investment in U.S. Agricultural Land--How it Sha'pesP-)0k Up, (CED-79-114), July 30, 1979. •as-W

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