PASS Act of 2022

Bill: 117-hr-8274
Sponsor: full_name: Rep. Stefanik, Elise M. [R-NY-21]
Introduced: 2022-07-01
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2022-07-01
text: 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.

Summaries:
action_date: 2022-07-01
action_desc: Introduced in House
text: <p><strong>Promoting Agriculture Safeguards and Security Act of 2022 or the PASS Act of 2022</strong></p> <p>This bill places the Secretary of Agriculture on the Committee on Foreign Investment in the United States (CFIUS). Further, the bill requires CFIUS to review certain agriculture-related transactions, including those related to biotechnology.</p> <p>The bill also prohibits persons who are acting on behalf of a prohibited country (i.e., China, Russia, Iran, or North Korea) from carrying out any merger, acquisition, or takeover that could result in foreign control of a U.S. agricultural company.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8274 IN THE HOUSE OF REPRESENTATIVES July 1, 2022 Ms. Stefanik (for herself, Mr. Crawford , Mr. Austin Scott of Georgia , Mr. Wenstrup , and Mr. Johnson of South Dakota ) introduced the following bill; which was 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 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.

1. Short title This Act may be cited as the Promoting Agriculture Safeguards and Security Act of 2022 or the PASS Act of 2022 . 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)(5)— (A) by striking means, subject and inserting the following: means— (A) subject ; (B) by striking the period at the end and inserting ; and ; and (C) by adding at the end the following: (B) includes— (i) the sector of agriculture (as such term is defined in section 3 of the Fair Labor Standards Act of 1938 ( 29 U.S.C. 203 )); and (ii) biotechnology related to the agriculture sector. ; (2) in subsection (k)(2)— (A) by redesignating subparagraph (J) as subparagraph (K); and (B) by inserting after subparagraph (I) the following: (J) The Secretary of Agriculture. ; and (3) by adding at the end the following: (r) Prohibition with respect to agricultural companies (1) In general Notwithstanding any other provision of this section, persons who are acting on behalf of or otherwise directed by the government of a prohibited country may not carry out any merger, acquisition, or takeover that could result in foreign control of a United States agricultural company. (2) Prohibited country In this subsection, the term prohibited country means each of the following: (A) China. (B) Russia. (C) Iran. (D) North 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 agricultural companies pose to the agricultural sector of the United States.