Sec. 2. Inclusion of Secretary of Agriculture on Committee on Foreign Investment in United States and consideration of certain agricultural land transactions
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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: The Secretary of Agriculture shall be a member of the Committee with respect to a covered transaction that involves— agricultural land; agriculture biotechnology; or the agriculture industry, including agricultural— transportation; storage; and processing. . 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:
After receiving notification from the Secretary of Agriculture of a reportable agricultural land transaction, the Committee shall determine— whether the transaction is a covered transaction; and 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. 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.
In this subparagraph: 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. The term reportable agricultural land transaction means a transaction— that the Secretary of Agriculture has reason to believe is a covered transaction; that involves the acquisition of an interest in agricultural land by a foreign person of a covered country; and 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) ). .
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Sec. 2
Inclusion of Secretary of Agriculture on Committee on Foreign Investment in United States and consideration of certain agricultural land transactions
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