This bill expands the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS) related to agriculture and land transactions. (CFIUS reviews the national security implications of foreign investment in the United States.)
Specifically, the bill requires parties to an elevated risk real estate transaction to submit a mandatory declaration to CFIUS. Generally, this requirement applies to a transaction for a purchase or lease of certain real estate (e.g., real estate that is in close proximity to a sensitive site, such as a military installation or airspace) by a foreign adversary entity (e.g., a foreign person subject to the jurisdiction of a foreign adversary, such as China or Russia).
Additionally, the bill creates a presumption that an elevated risk real estate transaction presents a risk to national security that cannot be resolved through any agreement or condition unless CFIUS (1) determines, based on clear and convincing evidence, that the risk to national security of the transaction can be resolved in a manner other than by suspending or prohibiting the transaction; and (2) notifies Congress about this determination and its reasoning.
The bill authorizes CFIUS to consider U.S. food security as a factor in its national security reviews.
The bill also expands the membership of CFIUS to include the Secretary of Agriculture on all transactions related to the purchase of agriculture land, agriculture biotechnology, and any other transaction related to the agriculture industry in the United States.
