Bill > S903

This bill amends the Defense Production Act of 1950 to enhance the review and potential prohibition of foreign investments in U.S. agricultural land and businesses, particularly those involving countries considered foreign adversaries (specifically China, Russia, Iran, and North Korea). The bill requires the Committee on Foreign Investment in the United States (CFIUS) to review reportable agricultural land transactions within 30 days of notification by the Secretary of Agriculture, focusing on transactions involving foreign persons who are not excepted investors. If CFIUS determines that a transaction could result in a foreign entity from a covered country purchasing or controlling U.S. agricultural land near sensitive government facilities, the President must prohibit the transaction unless the parties voluntarily abandon it. The bill provides a narrow waiver option if the President determines the transaction is in the national interest and reports this to congressional committees. The legislation aims to protect U.S. agricultural assets and national security by creating additional scrutiny of foreign land acquisitions, with regulations to be implemented within one year of the Act's enactment and applying to transactions proposed, pending, or completed after that date.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/903/all-info