WASHINGTON, DC – The Agricultural Risk Review Act (H.R. 1713) passed on the House floor after Congressman Lucas spoke in support of the bill.
H.R. 1713 adds the Secretary of Agriculture as a permanent member on the Committee on Foreign Investment in the United States (CFIUS), the interagency committee charged with reviewing the national security implications of foreign investments in the economy. The bill also requires CFIUS to consider referrals from USDA for reportable agricultural land transactions.
This bill was included under the Consolidated Appropriations Act of 2024 last Congress. H.R. 1713 would make these provisions permanent law.
'With an increasing amount of potentially hostile foreign investment in U.S. farmland, protecting America's agriculture industry becomes more and more paramount to our national security. That's why permanently including the Secretary of Agriculture as a member of CFIUS is long overdue.' said Congressman Frank D. Lucas (ROK). 'As a fifth-generation farmer and rancher, who's seen this issue grow in concern, I've spent years working with my colleagues so this legislation can see the light of day. I thank them for bringing this longstanding priority of mine one step closer to becoming permanent law.'
According to a 2022 report by the Department of Agriculture, China owns 349,442 acres of American agricultural land, a 2450% increase since 2010.
The Agricultural Risk Review Act addresses this growing trend by adding the Secretary of Agriculture as a permanent member to the Committee on Foreign Investment in the United States (CFIUS) for any transactions related to the purchase of agriculture land, agricultural biotechnology, or any other transaction related to the U.S. agriculture industry.
CFIUS is currently chaired by the Secretary of the Treasury, and Members of the Committee include the heads of the Departments of Justice, Homeland Security, Commerce, Defense, State, Energy, the Office of the U.S. Trade Representative, and the Office of Science & Technology Policy.