Sec. 1086. Review of agriculture-related transactions by Committee on Foreign Investment in the United States
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Section 721 of the Defense Production Act of 1950 ( 50 U.S.C. 4565 ) is amended— in subsection (a)— in paragraph (4)— in subparagraph (A)— in clause (i), by striking ; and and inserting a semicolon; in clause (ii), by striking the period at the end and inserting ; and ; and by adding at the end the following: any transaction described in clause
(vi)or
(vii)of subparagraph
(B)proposed or pending on or after the date of the enactment of this clause. ; in subparagraph (B), by adding at the end the following: Any other investment, subject to regulations prescribed under subparagraphs
(D)and (E), by a foreign person in any unaffiliated United States business that is engaged in agriculture or biotechnology related to agriculture. Subject to subparagraphs
(C)and (E), the purchase or lease by, or a concession to, a foreign person of private real estate that is— located in the United States; used in agriculture; and more than 320 acres or valued in excess of $5,000,000. ; in subparagraph (C)(i), by striking subparagraph (B)(ii) and inserting clause
(ii)or
(vii)of subparagraph
(B); in subparagraph (D)— in clause (i), by striking subparagraph (B)(iii) and inserting clauses
(iii)and
(vi)of subparagraph
(B); in clause (iii)(I), by striking subparagraph (B)(iii) and inserting clauses
(iii)and
(vi)of subparagraph
(B); in clause (iv)(I), by striking subparagraph (B)(iii) each place it appears and inserting clauses
(iii)and
(vi)of subparagraph
(B); and in clause (v), by striking subparagraph (B)(iii) and inserting clauses
(iii)and
(vi)of subparagraph
(B); and in subparagraph (E), by striking clauses
(ii)and
(iii)and inserting clauses (ii), (iii), (iv), and
(vii); and by adding at the end the following: The term agriculture has the meaning given such term in section 3 of the Fair Labor Standards Act of 1938 ( 29 U.S.C. 203 ). ; in subsection (k)(2)— by redesignating subparagraphs (H), (I), and (J), as subparagraphs (I), (J), and (K), respectively; and inserting after subparagraph
(G)the following new subparagraph: The Secretary of Agriculture (nonvoting, ex officio). ; and by adding at the end the following: Notwithstanding any other provision of this section, if the Committee, in conducting a review and investigation under this section, determines that a transaction described in clause (i), (vi), or
(vii)of subsection (a)(4)(B) would result in control by a covered foreign person of or investment by a covered foreign person in a United States business engaged in agriculture or private real estate used in agriculture, the President shall prohibit such transaction. The President may waive, on a case-by-case basis, the requirement to prohibit a transaction under paragraph (1), not less than 30 days after the President determines and reports to the relevant committees of jurisdiction that it is vital to the national security interests of the United States to waive such prohibition. In this subsection: Except as provided by clause (ii), the term covered person — has the meaning given the term a person owned by, controlled by, or subject to the jurisdiction or direction of a foreign adversary in section 7.2 of title 15, Code of Federal Regulations (as in effect on the date of the enactment of the National Defense Authorization Act for Fiscal Year 2024), except that each reference to foreign adversary in that definition shall be deemed to be a reference to the government of a covered country; and includes an entity that— is registered in or organized under the laws of a covered country; has a principal place of business in a covered country; or has a subsidiary with a principal place of business in a covered country. The term covered person does not include a United States citizen or an alien lawfully admitted for permanent residence to the United States. The term covered country means any of the following: The People's Republic of China. The Russian Federation. The Islamic Republic of Iran. The Democratic People's Republic of Korea. .
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Sec. 1086
Review of agriculture-related transactions by Committee on Foreign Investment in the United States
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