U.S. Senators Mike Braun (R-Ind.), Tommy Tuberville (R-Ala.), and U.S. Representative Ronny Jackson (R-Texas-13), are leading a bicameral, bipartisan effort to protect America’s agricultural industry from improper foreign investment.
The Members of Congress introduced the Foreign Adversary Risk Management (FARM) Act in an effort to bolster the U.S. agriculture industry’s role on the Committee on Foreign Investment in the United States (CFIUS), the governmental body that oversees the vetting process of foreign investment and acquisition of American companies.
After first introducing the legislation in the 117th Congress, Senators Braun and Tuberville and Representative Jackson are renewing their call to combat foreign influence in the U.S. agriculture industry in the 118th Congress. Original cosponsors in the Senate include Senators Kevin Cramer (R-N.D.), Roger Marshall (R-Kan.), Cynthia Lummis (R-Wyo.), and Rick Scott (R-Fla.). Also leading the effort in the House are Representatives Vicente Gonzalez (D-Texas-34), Pete Sessions (R-Texas-17), and Abigail Spanberger (D-Va.-07).
Braun
“Many Hoosiers are concerned about foreign countries buying up farmland, and it is a serious national security and food security concern,” Sen. Braun.” I signed on to the FARM Act to protect American Agriculture from foreign interference.”
Background
Over the past few years, the United States has experienced a rapid increase in foreign investment in the agricultural sector, particularly from China. Growing foreign investment in agriculture and other essential industries, like health care and energy, threaten our country’s national security and ability to survive. Our agricultural sector needs increased oversight and transparency to secure our country’s food supply.
The Foreign Adversary Risk Management (FARM) Act is a bipartisan, bicameral bill that would ensure the Committee on Foreign Investment in the United States (CFIUS) acknowledges the importance of our agricultural industry and agricultural supply chains for our nation’s safe and secure food supply.
CFIUS is authorized to oversee and review foreign investment and ownership in domestic businesses as it relates to national security. Currently, the Committee does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses.
Specifically, the Foreign Adversary Risk Management (FARM) Act would:
- Add the Secretary of Agriculture as a member to CFIUS
- Add language to 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
- 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)