[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Pages S5136-S5137]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2911. Ms. ERNST (for herself and Mr. Fetterman) submitted an 
amendment intended to be proposed by her 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 appropriate place, insert the following:

     SEC. ____. AUTHORITY OF COMMITTEE ON FOREIGN INVESTMENT IN 
                   THE UNITED STATES TO REVIEW CERTAIN REAL ESTATE 
                   PURCHASES BY FOREIGN ENTITIES OF CONCERN.

       (a) Definitions.--Section 721(a) of the Defense Production 
     Act of 1950 (50 U.S.C. 4565(a)) is amended--
       (1) in paragraph (4)--
       (A) in subparagraph (A)--
       (i) in clause (i), by striking ``and'' at the end;
       (ii) in clause (ii), by striking the period at the end and 
     inserting ``; and''; and
       (iii) by adding at the end the following:

[[Page S5137]]

       ``(iii) any transaction described in subparagraph (B)(vi) 
     that is proposed or pending on or after the date of enactment 
     of this clause.''; and
       (B) in subparagraph (B), by adding at the end the 
     following:
       ``(vi) Subject to subparagraph (C), the purchase or lease 
     by, or a concession to, a foreign entity of concern of 
     private or public real estate in the United States if--

       ``(I)(aa) the value of the purchase, lease, or concession--

       ``(AA) exceeds $5,000,000; or
       ``(BB) in combination with the value of other such 
     purchases or leases by, or concessions to, the same foreign 
     entity of concern during the preceding 3 years, exceeds 
     $5,000,000; or

       ``(bb) the real estate--

       ``(AA) exceeds 320 acres; or
       ``(BB) in combination with other private or public real 
     estate in the United States purchased or leased by, or for 
     which a concession is provided to, the same foreign entity of 
     concern during the preceding 3 years, exceeds 320 acres; and

       ``(II) the real estate is primarily used for--

       ``(aa) agriculture, including raising of livestock and 
     forestry;
       ``(bb) the extraction of fossil fuels or natural gas or the 
     purchase or lease of a renewable energy source; or
       ``(cc) the extraction of critical precursor materials for 
     biological technology industries, information technology 
     components, or national defense technologies.'';
       (2) by redesignating paragraphs (7) through (13) as 
     paragraphs (8) through (14), respectively; and
       (3) by inserting after paragraph (6) the following:
       ``(7) Foreign entity of concern.--The term `foreign entity 
     of concern' has the meaning given that term in section 9901 
     of the William M. (Mac) Thornberry National Defense 
     Authorization Act for Fiscal Year 2021 (15 U.S.C. 4651).''.
       (b) Inclusion of Secretary of Agriculture and Commissioner 
     of Food and Drugs on Committee On Foreign Investment in the 
     United States.--Section 721(k)(2) of the Defense Production 
     Act of 1950 (50 U.S.C. 4565(k)(2)) is amended--
       (1) by redesignating subparagraphs (H) through (J) as 
     subparagraphs (J) through (L), respectively; and
       (2) by inserting after subparagraph (G) the following:
       ``(H) The Secretary of Agriculture.
       ``(I) The Commissioner of Food and Drugs.''.
       (c) Annual Report.--Section 721(m) of the Defense 
     Production Act of 1950 (50 U.S.C. 4565(m)) is amended--
       (1) by redesignating paragraph (4) as paragraph (5); and
       (2) by inserting after paragraph (3) the following:
       ``(4) List of real estate owned by foreign entities of 
     concern.--The President and such agencies as the President 
     shall designate shall include in the annual report submitted 
     under paragraph (1) a list of all real estate in the United 
     States owned by--
       ``(A) a foreign entity of concern; or
       ``(B) a person closely associated with a foreign entity of 
     concern.''.
       (d) Effective Date.--The amendments made by this section 
     shall--
       (1) take effect on the date of enactment of this Act; and
       (2) apply with respect to any covered transaction (as 
     defined in section 721(a) of the Defense Production Act of 
     1950 (50 U.S.C. 4565(a))) the review or investigation of 
     which is initiated under section 721 of the Defense 
     Production Act of 1950 (50 U.S.C. 4565) on or after that date 
     of enactment.
       (e) Assessment and Report.--Not later than 180 days after 
     the date of enactment of this Act, the Secretary of the 
     Treasury shall conduct, and submit to Congress a report 
     describing the results of, an assessment of the feasibility 
     of requiring retroactive divestment of real estate owned by 
     foreign entities of concern (as defined in section 721(a) of 
     the Defense Production Act of 1950 (50 U.S.C. 4565(a))) (as 
     amended by subsection (a)).
                                 ______