Protecting American Agriculture from Foreign Adversaries Act of 2024

Bill: 118-s-5007
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2024-09-10
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2024-09-10
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 5007 IN THE SENATE OF THE UNITED STATES September 10, 2024 Mr. Braun (for himself, Mr. Cotton , Mr. Marshall , Mr. Grassley , Mr. Tuberville , Mrs. Blackburn , Mr. Ricketts , Mr. Barrasso , Mr. Tester , Mr. Fetterman , Mr. Manchin , Mrs. Fischer , Mrs. Britt , Ms. Baldwin , Mr. Young , Ms. Ernst , and Ms. Lummis ) 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 with respect to foreign investments in United States agriculture, and for other purposes.

1. Short title This Act may be cited as the Protecting American Agriculture from Foreign Adversaries Act of 2024 . 2. Inclusion of Secretary of Agriculture on Committee on Foreign Investment in United States and consideration of certain agricultural land transactions (a) Inclusion on the committee Section 721(k) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(k) ) is amended by adding at the end the following: (8) Inclusion of the Secretary of Agriculture The Secretary of Agriculture shall be a member of the Committee with respect to a covered transaction that involves— (A) agricultural land; (B) agriculture biotechnology; or (C) the agriculture industry, including agricultural— (i) transportation; (ii) storage; and (iii) processing. . (b) Consideration of certain agricultural land transactions Section 721(b)(1) of the Defense Production Act of 1950 ( 50 U.S.C. 4565(b)(1) ) is amended by adding at the end the following: (I) Consideration of certain agricultural land transactions (i) In general After receiving notification from the Secretary of Agriculture of a reportable agricultural land transaction, the Committee shall determine— (I) whether the transaction is a covered transaction; and (II) if the Committee determines that the transaction is a covered transaction, whether the Committee should initiate a review pursuant to subparagraph (D), or take another action authorized under this section, with respect to the reportable agricultural land transaction. (ii) Sunset The requirements under this subparagraph shall terminate, with respect to a foreign person of a covered country, on the date on which that country is removed from the list of foreign adversaries set forth in section 791.4 of title 15, Code of Federal Regulations. (iii) Definitions In this subparagraph: (I) Covered country The term covered country means the People’s Republic of China, the Democratic People’s Republic of Korea, the Russian Federation, or the Islamic Republic of Iran. (II) Reportable agricultural land transaction The term reportable agricultural land transaction means a transaction— (aa) that the Secretary of Agriculture has reason to believe is a covered transaction; (bb) that involves the acquisition of an interest in agricultural land by a foreign person of a covered country; and (cc) with respect to which a person is required to submit a report to the Secretary of Agriculture under section 2(a) of the Agricultural Foreign Investment Disclosure Act of 1978 ( 7 U.S.C. 3501(a) ). .