Bill > S168

This bill, the Promoting Agriculture Safeguards and Security Act of 2023 (PASS Act of 2023), amends the Defense Production Act of 1950 to include the Secretary of Agriculture on the Committee on Foreign Investment in the United States (CFIUS) and require CFIUS review of certain agricultural transactions, including investments by foreign persons in U.S. businesses engaged in agriculture or biotechnology related to agriculture, as well as the purchase or lease of U.S. agricultural real estate by foreign persons. The bill also prohibits transactions that would result in control by or investment from certain "covered foreign persons" (such as those connected to the governments of China, Russia, Iran, or North Korea) in U.S. agricultural businesses or agricultural real estate, with a provision for the President to waive this prohibition in certain cases. Additionally, the bill requires the Secretary of Agriculture to submit periodic reports on the risks posed by foreign purchases of U.S. agricultural businesses.