U.S. Rep. Frank Lucas (R-OK) on April 17 sponsored bipartisan legislation that would amend the Defense Production Act of 1950 to include the U.S. Secretary of Agriculture as a member of the Committee on Foreign Investment in the United States (CFIUS).
“I’ve always known that food security is a vital part of our national security but in the COVID-19 pandemic, Americans have been able to see that firsthand,” Rep. Lucas said last week. “I believe that foreign investment in our nation’s food supply chain deserves increased scrutiny and that’s why I am introducing this important piece of legislation.”
Rep. Lucas introduced the Agricultural Security Risk Review Act, H.R. 6540, with lead cosponsor U.S. Rep. Marcia Fudge (D-OH) to ensure that CFIUS is operating effectively and efficiently to determine if a transaction, including agricultural, threatens national security, according to a bill summary provided by his office.
The CFIUS, an interagency committee that reviews potential national security threats of foreign investment in the U.S., is chaired by the U.S. Treasury Secretary and includes the Secretaries of State, Defense, Homeland Security, Commerce, and Energy, the U.S. Trade Representative, the Attorney General, and the Director of the Office of Science and Technology Policy.
Because foreign ownership of U.S. farmland and agricultural businesses has steadily increased, H.R. 6540, if enacted, would make available to the CFIUS expert analysis of the nation’s agricultural sector, according to Rep. Lucas’ office.
The bill would include the U.S. Department of Agriculture (USDA) in CFIUS investigations by authorizing the Treasury Secretary to designate USDA as a part of the review process, which would allow USDA to be consulted in any CFIUS recommendation to the president, according to Rep. Lucas’ office.
The measure has been referred for consideration to three committees in the U.S. House of Representatives, including the Financial Services Committee, Energy and Commerce Committee and Foreign Affairs Committee.