Sec. 302. Divestiture plans for covered foreign-controlled meatpacking enterprises

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It shall be unlawful for any covered foreign-controlled meatpacking enterprise to operate in interstate commerce in the United States. Not later than 120 days after the date of enactment of this Act, the Commission shall require each covered foreign-controlled meatpacking enterprise violating subsection

(a)to carry out a divestiture plan under paragraph (2). A divestiture plan of a covered foreign-controlled meatpacking enterprise under this paragraph shall— be developed by the Commission; and require the covered foreign-controlled meatpacking enterprise to divest its United States meatpacking and food processing operations, which may require that such operations be— transferred to 1 or more new, independent entities headquartered, incorporated, and controlled by persons domiciled in the United States; or sold to 1 or more entities, subject to conditions necessary to preserve and enhance competition and safeguard national security interests, including, as appropriate, in consultation with relevant national security agencies. In exercising its authority under paragraph (1), the Commission shall— act in a manner consistent with the public interest in promoting competition, protecting consumers, producers, and workers, and ensuring a resilient food supply, as described in section 602; and to the maximum extent practicable, structure divestitures under this section so as to— avoid reconcentration of assets; encourage ownership and control of divested assets by farmers’ cooperatives, worker owned enterprises, and other small or mid sized businesses; and prevent reacquisition of divested assets by firms whose market power contributed to the need for divestiture. In designing the divestiture plan under this paragraph, the Commission may take into account prior admissions and findings relating to corruption, bribery, and other unlawful conduct used to obtain financing for United States acquisitions, including settlements and judgments under the Foreign Corrupt Practices Act of 1977 ( 15 U.S.C. 78dd–1 et seq. ). With respect to a covered foreign-controlled meatpacker, the Commission may grant a single extension of not more than 90 days of the date on which the prohibition under subsection

(a)would otherwise apply to the covered foreign-controlled meatpacking enterprise if the Commission certifies to Congress that— a path to executing a divestiture under this subsection has been identified with respect to such covered foreign-controlled meatpacking enterprise; evidence of significant progress toward executing such divestiture has been produced with respect to such covered foreign-controlled meatpacking enterprise; and there are in place the relevant binding legal agreements to enable execution of such divestiture during the period of such extension.

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15 USC 78dd–1

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Sec. 302

Divestiture plans for covered foreign-controlled meatpacking enterprises

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