Foreign Agricultural Investment Reform (FAIR) Act

Foreign Agricultural Investment Reform (FAIR) Act - Directs the Secretary of the Treasury to instruct the U.S. executive directors of specified international financial institutions to oppose aid by these institutions for the production or extraction of any commodity or mineral unless the Secretary: (1) determines that such commodity or mineral is not in surplus on world markets; (2) certifies that there is sufficient assistance for such project from other sources so that the project is economically viable; (3) determines that such assistance does not constitute a subsidy as defined by specified provisions of the General Agreement on Tariffs and Trade; and (4) submits to the Congress a report justifying such determinations.

Requires that, if an international financial institution approves financial assistance for a project that the United States opposes pursuant to this Act, the Secretary shall not agree to any increase in the capital share of that institution, any replenishment of funding for that institution, or the issuance of any letter of credit by that institution either in the United States or denominated in U.S. currency, until the institution agrees that no future assistance will be proposed which would require U.S. opposition pursuant to this Act.

Reduces U.S. contributions to an international financial institution in amounts that are proportionate with the assistance provided by such institution for projects which require U.S. opposition pursuant to this Act. Requires any funds withheld from such contributions to be used to reduce the public debt.

Amends the Foreign Assistance Act of 1961 to require the President to provide economic assistance for commodity import programs for a foreign country if the needs of such country and of the United States would be better met through such programs rather than through cash transfers. Requires each country receiving a cash transfer to use such transfer, whenever practicable, to pay for U.S. goods or for services performed by a U.S. national.