[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4786 Introduced in Senate (IS)]
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117th CONGRESS
2d Session
S. 4786
To amend the Defense Production Act of 1950 to include the Secretary of
Agriculture on the Committee on Foreign Investment in the United States
and require review of certain agricultural transactions, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
August 6, 2022
Mr. Rounds introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To amend the Defense Production Act of 1950 to include the Secretary of
Agriculture on the Committee on Foreign Investment in the United States
and require review of certain agricultural transactions, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Promoting Agriculture Safeguards and
Security Act of 2022'' or the ``PASS Act of 2022''.
SEC. 2. REVIEW OF AGRICULTURE-RELATED TRANSACTIONS BY CFIUS.
(a) In General.--Section 721 of the Defense Production Act of 1950
(50 U.S.C. 4565) is amended--
(1) in subsection (a)--
(A) in paragraph (4)--
(i) in subparagraph (A)--
(I) in clause (i), by striking ``;
and'' and inserting a semicolon;
(II) in clause (ii), by striking
the period at the end and inserting ``;
and''; and
(III) by adding at the end the
following:
``(iii) any transaction described in clause
(vi) or (vii) of subparagraph (B) proposed or
pending on or after the date of the enactment
of this clause.'';
(ii) in subparagraph (B), by adding at the
end the following:
``(vi) Any other investment, subject to
regulations prescribed under subparagraphs (D)
and (E), by a foreign person in any
unaffiliated United States business that is
engaged in agriculture or biotechnology related
to agriculture.
``(vii) Subject to subparagraphs (C) and
(E), the purchase or lease by, or a concession
to, a foreign person of private real estate
that is--
``(I) located in the United States;
and
``(II) used in agriculture.'';
(iii) in subparagraph (C)(i), by striking
``subparagraph (B)(ii)'' and inserting ``clause
(ii) or (vii) of subparagraph (B)'';
(iv) in subparagraph (D)--
(I) in clause (i), by striking
``subparagraph (B)(iii)'' and inserting
``clauses (iii) and (vi) of
subparagraph (B)'';
(II) in clause (iii)(I), by
striking ``subparagraph (B)(iii)'' and
inserting ``clauses (iii) and (vi) of
subparagraph (B)'';
(III) in clause (iv)(I), by
striking ``subparagraph (B)(iii)'' each
place it appears and inserting
``clauses (iii) and (vi) of
subparagraph (B)''; and
(IV) in clause (v), by striking
``subparagraph (B)(iii)'' and inserting
``clauses (iii) and (vi) of
subparagraph (B)''; and
(v) in subparagraph (E), by striking
``clauses (ii) and (iii)'' and inserting
``clauses (ii), (iii), (iv), and (vii)''; and
(B) by adding at the end the following:
``(14) Agriculture.--The term `agriculture' has the meaning
given such term in section 3 of the Fair Labor Standards Act of
1938 (29 U.S.C. 203).'';
(2) in subsection (k)(2)--
(A) by redesignating subparagraphs (H), (I), and
(J), as subparagraphs (I), (J), and (K), respectively;
and
(B) inserting after subparagraph (G) the following
new subparagraph:
``(H) The Secretary of Agriculture.''; and
(3) by adding at the end the following:
``(r) Prohibition With Respect to Agricultural Companies and Real
Estate.--
``(1) In general.--Notwithstanding any other provision of
this section, if the Committee, in conducting a review and
investigation under this section, determines that a transaction
described in clause (i), (vi), or (vii) of subsection (a)(4)(B)
would result in control by a covered foreign person of or
investment by a covered foreign person in a United States
business engaged in agriculture or private real estate used in
agriculture, the President shall prohibit such transaction.
``(2) Waiver.--The President may waive, on a case-by-case
basis, the requirement to prohibit a transaction under
paragraph (1), not less than 30 days after the President
determines and reports to the relevant committees of
jurisdiction that it is vital to the national security
interests of the United States to waive such prohibition.
``(3) Defined terms.--In this subsection:
``(A) Covered foreign person.--The term `covered
foreign person' means a person that is--
``(i) acting on behalf of or otherwise
directed by the government of a prohibited
country;
``(ii) a citizen of a prohibited country;
``(iii) an entity that--
``(I) is registered or organized in
a prohibited country; or
``(II) has a principal place of
business in a prohibited country; or
``(iv) a subsidiary of an entity described
in clause (iii).
``(B) Prohibited country.--The term `prohibited
country' means any of the following:
``(i) The People's Republic of China.
``(ii) The Russian Federation.
``(iii) The Islamic Republic of Iran.
``(iv) The Democratic People's Republic of
Korea.''.
(b) Report Required.--Not later than 180 days after the date of the
enactment of this Act, and every 180 days thereafter, the Secretary of
Agriculture shall submit to the Committee on Agriculture of the House
of Representatives and the Committee on Agriculture, Nutrition, and
Forestry of the Senate a report on the risks that foreign purchases of
United States businesses engaged in agriculture (as such term is
defined in section 3 of the Fair Labor Standards Act of 1938 (29 U.S.C.
203)) pose to the agricultural sector of the United States.
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