The U.S. House Financial Services Committee recently voted 42-0 to pass legislation sponsored by U.S. Rep. Frank Lucas (R-OK) that would make the U.S. Secretary of Agriculture a permanent member on the Committee on Foreign Investment in the United States (CFIUS).
“I know firsthand just how important the security of our agricultural industry is, which is why I applaud my colleagues on the House Financial Services Committee in taking a critical step to make my long-standing priority law,” said Rep. Lucas on Sept. 29.
The Agricultural Security Risk Review Act, H.R. 3378, which Rep. Lucas proposed on May 16, would formally add the Agriculture Secretary to CFIUS to review any transactions related to the purchase of agriculture land, agricultural biotechnology, or any other transaction related to the U.S. agriculture industry, according to a bill summary provided by the congressman’s staff.
“Protecting America’s agricultural security is a critical part of our national security,” Rep. Lucas said. “With an increasing amount of foreign investment in U.S. agriculture, including the Secretary of Agriculture as a member of CFIUS is long overdue.”
CFIUS is an interagency committee of the U.S. government that reviews the national security implications of foreign investments in U.S. companies or operations, using classified information from the nation’s intelligence community. The committee is chaired by the U.S. Treasury Secretary. CFIUS members include the heads of the U.S. Departments of Justice, Homeland Security, Commerce, Defense, State, Energy, the Office of the U.S. Trade Representative, and the Office of Science & Technology Policy. The Director of National Intelligence and the Secretary of Labor serve as non-voting members.
While the Treasury Secretary may designate the Secretary of Agriculture as a lead agency for transactions on a case-by-case basis, the Ag Secretary is not a permanent member, according to information provided by Rep. Lucas’ staff.
H.R. 3378, which the House Financial Services Committee approved on Sept. 20, remains under consideration in both the U.S. House Energy and Commerce Committee and the U.S. House Foreign Affairs Committee.