This bill adds agricultural transactions to the reviews done by the Committee on Foreign Investment in the United States (CFIUS). It changes section 721 of the Defense Production Act to treat "agriculture" as defined in the Fair Labor Standards Act. The Secretary of Agriculture must notify CFIUS when there is a reportable agricultural land transaction. CFIUS must decide within 30 days whether the transaction is covered and whether to seek a filing, accept a declaration, or start a formal review.
If CFIUS finds that a covered foreign person would buy or lease certain agricultural land near sensitive sites or would control a U.S. agricultural business, the President must prohibit the transaction unless the buyer abandons it. The bill defines "covered foreign person" as a foreign person acting for or controlled by the government of a covered country (listed as China, Russia, Iran, and North Korea), and excludes U.S. citizens and lawful permanent residents. The President can waive a prohibition if the waiver is reported to two congressional committees and is found to be in the national interest.
The bill requires departments and agencies on CFIUS to submit recent spending plans within 60 days. The President must issue implementing regulations within one year, and the amendments take effect 30 days after those regulations become effective. The changes apply to covered transactions proposed, pending, or completed on or after the effective date.
No publicly available information on overall costs or budget effects. The bill requires agencies on CFIUS to provide recent spending plans within 60 days and requires the President to issue regulations, but it does not specify new funding or cost estimates in the text provided.
No publicly available information.
No publicly available information.