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.
Promoting Agriculture Safeguards and Security Act of 2022 or the PASS Act of 2022
This bill establishes requirements to address the national security risk to the agricultural sector of the United States.
Specifically, the bill prohibits persons who are acting on behalf of China, Russia, Iran, or North Korea from purchasing or investing in U.S. agricultural land and companies. The President may waive this prohibition, on a case-by-case basis, if the President determines that the waiver is vital to U.S. national security interests.
The bill also places the Secretary of Agriculture on the Committee on Foreign Investment in the United States (CFIUS) and requires CFIUS to review certain transactions involving investments by foreign persons in the U.S. agricultural sector.
Additionally, the Department of Agriculture must report on the risks that foreign purchases of U.S. businesses engaged in agriculture pose to the agricultural sector of the United States.
Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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