This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gov. Nixon Vetoes 2 Missouri Agricultural Measures


JEFFERSON CITY, Mo. (AP) â¿¿ Gov. Jay Nixon on Tuesday vetoed agriculture legislation that would have ended a decades-old state ban on foreign ownership of Missouri farmland.

The provision lifting the ban was included in two broad agricultural bills. The Democratic governor said the provision was added to the legislation relatively late in the process. It would have capped foreign ownership at 1 percent.

"Whether, or to what degree, Missouri agricultural land should be foreign owned is an important policy choice for the people of Missouri, a decision that should be made through their elected representatives only after the specific proposal has been sufficiently vetted and openly considered," Nixon said in a veto message.

Missouri is one of several Midwestern states with laws passed during the 1970s amid concerns over Japanese investment that prohibit or restrict foreign farmland ownership.

Rep. Casey Guernsey, who was involved with the issue this session, has said the current law does not work and that there are loopholes allowing foreign owners to obscure their assets behind domestic-based groups.

State lawmakers approved the agricultural measures shortly before the announcement of plans for Shuanghui International Holdings Ltd., of China, to buy Smithfield Foods Inc., in a deal that would require shareholder approval and a federal regulatory review. A spokeswoman for Smithfield Foods said last month the two sides identified land policies during their discussions and that it presents no obstacles to "closing the proposed combination."

Guernsey, R-Bethany, said he did not learn about the Smithfield deal until after Missouri lawmakers ended their legislative session in mid-May.

A Columbia-based organization that opposes corporate consolidation of agriculture said the broader agricultural bills had been tainted by the foreign ownership issue.

Nixon also cited objections to a provision dealing with animal trespassing. He said the measure would not have required demonstrating that an animal had actually wandered onto another's land and could have been applied to livestock and other animals such as dogs and cats. The governor also objected to a portion that he said would have exempted Cape Girardeau County from a statewide standard prohibiting the Land Reclamation Commission and the Department of Natural Resources from permitting mining operations within 1,000 feet of a school that has existed for at least five years.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs