[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Pages S5013-S5014]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2717. Mr. ROUNDS (for himself and Mr. Tester) submitted an 
amendment intended to be proposed by him to the bill S. 4638, to 
authorize appropriations for fiscal year 2025 for military activities 
of the Department of Defense, for military construction, and for 
defense activities of the Department of Energy, to prescribe military 
personnel strengths for such fiscal year, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the end of subtitle F of title XII, add the following:

     SEC. 1291. REVIEW AND PROHIBITIONS BY COMMITTEE ON FOREIGN 
                   INVESTMENT IN THE UNITED STATES OF CERTAIN 
                   TRANSACTIONS RELATING TO AGRICULTURE.

       (a) In General.--Section 721 of the Defense Production Act 
     of 1950 (50 U.S.C. 4565) is amended--
       (1) in subsection (a), by adding at the end the following:
       ``(14) Agriculture.--The term `agriculture' has the meaning 
     given that term in section 3 of the Fair Labor Standards Act 
     of 1938 (29 U.S.C. 203).'';
       (2) in subsection (b)(1), 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 to--

       ``(aa) request the submission of a notice under clause (i) 
     of subparagraph (C) or a declaration under clause (v) of such 
     subparagraph pursuant to the process established under 
     subparagraph (H); or
       ``(bb) initiate a review pursuant to subparagraph (D).
       ``(ii) Reportable agricultural land transaction defined.--
     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 an excepted 
     investor or an excepted real estate investor, 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

[[Page S5014]]

     Agriculture under section 2(a) of the Agricultural Foreign 
     Investment Disclosure Act of 1978 (7 U.S.C. 3501(a)).'';

       (3) in subsection (k)(2)--
       (A) by redesignating subparagraphs (H), (I), and (J) as 
     subparagraphs (I), (J), and (K), respectively; and
       (B) by inserting after subparagraph (G) the following:
       ``(H) The Secretary of Agriculture, with respect to any 
     covered transaction related to the purchase of agricultural 
     land or agricultural biotechnology or otherwise related to 
     the agriculture industry in the United States.''; and
       (4) by adding at the end the following:
       ``(r) Prohibitions Relating to Purchases of Agricultural 
     Land and Agricultural Businesses.--
       ``(1) In general.--If the Committee, in conducting a review 
     under this section, determines that a transaction described 
     in clause (i), (ii), or (iv) of subsection (a)(4)(B) would 
     result in the purchase or lease by a covered foreign person 
     of real estate described in paragraph (2) or would result in 
     control by a covered foreign person of a United States 
     business engaged in agriculture, the President shall prohibit 
     the transaction unless a party to the transaction voluntarily 
     chooses to abandon the transaction.
       ``(2) Real estate described.--Subject to regulations 
     prescribed by the Committee, real estate described in this 
     paragraph is agricultural land (as defined in section 9 of 
     the Agricultural Foreign Investment Disclosure Act of 1978 (7 
     U.S.C. 3508)) in the United States that is in close proximity 
     (subject to subsection (a)(4)(C)(ii)) to a United States 
     military installation or another facility or property of the 
     United States Government that is--
       ``(A) sensitive for reasons relating to national security 
     for purposes of subsection (a)(4)(B)(ii)(II)(bb); and
       ``(B) identified in regulations prescribed by the 
     Committee.
       ``(3) Waiver.--The President may waive, on a case-by-case 
     basis, the requirement to prohibit a transaction under 
     paragraph (1) after the President determines and reports to 
     the Committee on Banking, Housing, and Urban Affairs of the 
     Senate and the Committee on Financial Services of the House 
     of Representatives that the waiver is in the national 
     interest of the United States.
       ``(4) Covered foreign person defined.--
       ``(A) In general.--In this subsection, subject to 
     regulations prescribed by the Committee, the term `covered 
     foreign person'--
       ``(i) means any foreign person (including a foreign entity) 
     that acts as an agent, representative, or employee of, or 
     acts at the direction or control of, the government of a 
     covered country; and
       ``(ii) does not include a United States citizen or an alien 
     lawfully admitted for permanent residence to the United 
     States.
       ``(B) Covered country defined.--For purposes of 
     subparagraph (A), the term `covered country' means any of the 
     following countries, if the country is determined to be a 
     foreign adversary pursuant to section 7.4 of title 15, Code 
     of Federal Regulations (or a successor regulation):
       ``(i) The People's Republic of China.
       ``(ii) The Russian Federation.
       ``(iii) The Islamic Republic of Iran.
       ``(iv) The Democratic People's Republic of Korea.''.
       (b) Spending Plans.--Not later than 60 days after the date 
     of the enactment of this Act, each department or agency 
     represented on the Committee on Foreign Investment in the 
     United States shall submit to the chairperson of the 
     Committee a copy of the most recent spending plan required 
     under section 1721(b) of the Foreign Investment Risk Review 
     Modernization Act of 2018 (50 U.S.C. 4565 note).
       (c) Regulations.--
       (1) In general.--The President shall direct, subject to 
     section 553 of title 5, United States Code, the issuance of 
     regulations to carry out the amendments made by this section.
       (2) Effective date.--The regulations prescribed under 
     paragraph (1) shall take effect not later than one year after 
     the date of the enactment of this Act.
       (d) Effective Date; Applicability.--The amendments made by 
     this section shall--
       (1) take effect on the date that is 30 days after the 
     effective date of the regulations under subsection (c)(2); 
     and
       (2) apply with respect to a covered transaction (as defined 
     in section 721 of the Defense Production Act of 1950 (50 
     U.S.C. 4565)) that is proposed, pending, or completed on or 
     after the date described in paragraph (1).
       (e) Sunset.--The amendments made by this section, and any 
     regulations prescribed to carry out those amendments, shall 
     cease to be effective on the date that is 7 years after the 
     date of the enactment of this Act.
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