Protecting American Agriculture from Foreign Adversaries Act of 2024

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sep 12, 2024

This bill modifies the Committee on Foreign Investment in the United States (CFIUS) to add agricultural land transactions to its national security review process. It requires CFIUS to determine whether a national security review is necessary when the Department of Agriculture refers reportable agricultural land transactions, specifically those involving acquisitions of agricultural land interests by foreign persons from China, North Korea, Russia, or Iran. The bill also expands CFIUS membership to include the Secretary of Agriculture when reviewing covered transactions involving agricultural land, agricultural biotechnology, or the agriculture industry (such as agricultural transportation, storage, and processing).

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Protecting American Agriculture from Foreign Adversaries Act of 2024 This bill makes changes to the Committee on Foreign Investment in the United States (CFIUS), including by requiring CFIUS to determine whether a national security review is necessary for reportable agricultural land transactions that are referred by the Department of Agriculture (USDA). (CFIUS oversees the national security risks of certain foreign investment in the United States. CFIUS has the authority to review covered transactions, which include mergers, acquisitions, and takeovers that could result in foreign control of a U.S. business; certain investments in businesses involved in critical technologies, critical infrastructure, or sensitive personal data; and certain real estate transactions.) Specifically, the bill directs CFIUS to, after receiving notification from USDA, determine (1) whether a reportable agricultural land transaction is a covered transaction, and (2) whether CFIUS should initiate a national security review or take another action with respect to the transaction. Reportable agricultural land transaction means a transaction (1) that USDA has reason to believe is a covered transaction; (2) that involves the acquisition of an interest in agricultural land by a foreign person of China, North Korea, Russia, or Iran; and (3) with respect to which a foreign person is required to submit a report to USDA regarding their agricultural land transactions. The bill also expands the membership of CFIUS to include the Secretary of Agriculture on covered transactions that involve agricultural land, agricultural biotechnology, or the agriculture industry (e.g., agricultural transportation, storage, and processing).