H.R. 5409 — Introduced in House

I 118th CONGRESS 1st Session H. R. 5409 IN THE HOUSE OF REPRESENTATIVES September 12, 2023Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Defense Production Act of 1950 to require the Committee on Foreign Investment in the United States to determine whether a national security review is needed for reportable agricultural land transactions referred by the Secretary of Agriculture, and for other purposes. 1. Short title This Act may be cited as the Safeguarding American Farms from Foreign Influence Act. 2. 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 Not later than 30 days 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) Reportable agricultural land transaction In this subparagraph, the term reportable agricultural land transaction means a transaction— (I) that the Secretary of Agriculture has reason to believe is a covered transaction; (II) that involves the acquisition of an interest in agricultural land by a foreign person, other than by a foreign person of an excepted foreign state or an excepted real estate foreign state, as such terms are defined in regulations prescribed by the Committee; and (III) 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. .