Hoeven Cosponsors Bill to Strengthen Ag Industry's Role in CFIUS, Protect Against Improper Foreign Investment
WASHINGTON – U.S. Senator John Hoeven (R-N.D.) today cosponsored bicameral legislation introduced by Senator Tommy Tuberville (R-Ala.) and Representative Ronny Jackson (R-Texas) to protect America’s agricultural industry from improper foreign investment. The bill would bolster the U.S. agriculture industry’s role on the Committee on Foreign Investment in the United States (CFIUS), the government body responsible for overseeing the foreign investment and acquisition of American companies.
“Our nation relies every single day on the food, fuel and fiber that our farmers and ranchers produce, and the ever-increasing foreign investment in our agriculture supply chain represents a real risk to America’s food security and the economic success of our agriculture producers,” said Senator Hoeven. “That’s why we’re advancing this legislation to ensure the U.S. agriculture industry has a voice in CFIUS reviews and that foreign investments and acquisitions in the agriculture sector receive proper oversight.”
Specifically, the Foreign Adversary Risk Management (FARM) Act would:
- • Add the U.S. Secretary of Agriculture as a member of CFIUS.
- • Protect the U.S. agriculture industry from foreign control through transactions, mergers, acquisitions, or agreements.
- • Designate agricultural supply chains as critical infrastructure and critical technologies.
- • Require a report to Congress on current and potential foreign investments in the U.S. agricultural industry from the United States Department of Agriculture (USDA) and Government Accountability Office (GAO).
In addition to Hoeven and Tuberville, the legislation is cosponsored in the Senate by Senators Mike Braun (R-Ind.), Kevin Cramer (R-N.D.), Roger Marshall (R-Kan.), Cynthia Lummis (R-Wyo.), and Rick Scott (R-Fla.).
“Over the past few years, we’ve seen an alarming increase in foreign purchases of farm land and food companies, particularly by China,” said Senator Tuberville. “These foreign investments are now reaching every piece of the very large puzzle that makes up our agriculture industry, from farming and processing, to packaging and shipping. That’s why America’s agriculture community needs to have a permanent seat at the table when our government vets foreign investment in our country. Adding all parts of the agricultural supply chain to the list of transactions reviewed by CFIUS is the first step toward ensuring America’s agricultural suppliers can keep food on tables across the country.”
“Today, America faces numerous threats to its national security, and the agricultural industry is no exception,” said Representative Jackson. “Our adversaries, especially the Chinese Communist Party, continue to increase their presence in America’s food industry and agricultural supply chains. Our national security is dependent on our food security, and we must take significant steps to identify adversaries that are manipulating critical facets of food production in our country. America’s agricultural industry must be considered when determining national security threats from foreign investments moving forward. The protection of our food supply and its overarching supply chains are essential for the continued prosperity of our nation. Together, we will ensure that America’s agricultural industry remains strong and independent from foreign adverse influence.”
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