Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB903 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 903
5	5	To amend the Defense Production Act of 1950 to require the Committee
6	6	on Foreign Investment in the United States to review and prohibit
7	7	certain transactions relating to agriculture.
8	8	IN THE SENATE OF THE UNITED STATES
9	9	MARCH6, 2025
10	10	Mr. R
11	11	OUNDS(for himself, Ms. CORTEZMASTO, Ms. LUMMIS, Mr. THUNE, and
12	12	Mr. H
13	13	OEVEN) introduced the following bill; which was read twice and re-
14	14	ferred to the Committee on Banking, Housing, and Urban Affairs
15	15	A BILL
16	16	To amend the Defense Production Act of 1950 to require
17	17	the Committee on Foreign Investment in the United
18	18	States to review and prohibit certain transactions relat-
19	19	ing to agriculture.
20	20	Be it enacted by the Senate and House of Representa-1
21	21	tives of the United States of America in Congress assembled, 2
22	22	SECTION 1. SHORT TITLE. 3
23	23	This Act may be cited as the ‘‘Promoting Agriculture 4
24	24	Safeguards and Security Act’’ or the ‘‘PASS Act’’. 5
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28	28	SEC. 2. REVIEW AND PROHIBITIONS BY COMMITTEE ON 1
29	29	FOREIGN INVESTMENT IN THE UNITED 2
30	30	STATES OF CERTAIN TRANSACTIONS RELAT-3
31	31	ING TO AGRICULTURE. 4
32	32	(a) I
33	33	NGENERAL.—Section 721 of the Defense Pro-5
34	34	duction Act of 1950 (50 U.S.C. 4565) is amended— 6
35	35	(1) in subsection (a), by adding at the end the 7
36	36	following: 8
37	37	‘‘(14) A
38	38	GRICULTURE.—The term ‘agriculture’ 9
39	39	has the meaning given that term in section 3 of the 10
40	40	Fair Labor Standards Act of 1938 (29 U.S.C. 11
41	41	203).’’; 12
42	42	(2) in subsection (b)(1), by adding at the end 13
43	43	the following: 14
44	44	‘‘(I) C
45	45	ONSIDERATION OF CERTAIN AGRI -15
46	46	CULTURAL LAND TRANSACTIONS .— 16
47	47	‘‘(i) I
48	48	N GENERAL.—Not later than 30 17
49	49	days after receiving notification from the 18
50	50	Secretary of Agriculture of a reportable 19
51	51	agricultural land transaction, the Com-20
52	52	mittee shall determine— 21
53	53	‘‘(I) whether the transaction is a 22
54	54	covered transaction; and 23
55	55	‘‘(II) if the Committee deter-24
56	56	mines that the transaction is a cov-25
57	57	ered transaction, whether to— 26
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61	61	‘‘(aa) request the submission 1
62	62	of a notice under clause (i) of 2
63	63	subparagraph (C) or a declara-3
64	64	tion under clause (v) of such sub-4
65	65	paragraph pursuant to the proc-5
66	66	ess established under subpara-6
67	67	graph (H); or 7
68	68	‘‘(bb) initiate a review pur-8
69	69	suant to subparagraph (D). 9
70	70	‘‘(ii) R
71	71	EPORTABLE AGRICULTURAL 10
72	72	LAND TRANSACTION DEFINED .—In this 11
73	73	subparagraph, the term ‘reportable agricul-12
74	74	tural land transaction’ means a trans-13
75	75	action— 14
76	76	‘‘(I) that the Secretary of Agri-15
77	77	culture has reason to believe is a cov-16
78	78	ered transaction; 17
79	79	‘‘(II) that involves the acquisition 18
80	80	of an interest in agricultural land by 19
81	81	a foreign person, other than an ex-20
82	82	cepted investor or an excepted real es-21
83	83	tate investor, as such terms are de-22
84	84	fined in regulations prescribed by the 23
85	85	Committee; and 24
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88	88	•S 903 IS
89	89	‘‘(III) with respect to which a 1
90	90	person is required to submit a report 2
91	91	to the Secretary of Agriculture under 3
92	92	section 2(a) of the Agricultural For-4
93	93	eign Investment Disclosure Act of 5
94	94	1978 (7 U.S.C. 3501(a)).’’; 6
95	95	(3) in subsection (k)(2)— 7
96	96	(A) by redesignating subparagraphs (H), 8
97	97	(I), and (J) as subparagraphs (I), (J), and (K), 9
98	98	respectively; and 10
99	99	(B) by inserting after subparagraph (G) 11
100	100	the following: 12
101	101	‘‘(H) The Secretary of Agriculture, with 13
102	102	respect to any covered transaction related to 14
103	103	the purchase of agricultural land or agricultural 15
104	104	biotechnology or otherwise related to the agri-16
105	105	culture industry in the United States.’’; and 17
106	106	(4) by adding at the end the following: 18
107	107	‘‘(r) P
108	108	ROHIBITIONSRELATING TOPURCHASES OF 19
109	109	A
110	110	GRICULTURAL LAND AND AGRICULTURAL BUSI-20
111	111	NESSES.— 21
112	112	‘‘(1) I
113	113	N GENERAL.—If the Committee, in con-22
114	114	ducting a review under this section, determines that 23
115	115	a transaction described in clause (i), (ii), or (iv) of 24
116	116	subsection (a)(4)(B) would result in the purchase or 25
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120	120	lease by a covered foreign person of real estate de-1
121	121	scribed in paragraph (2) or would result in control 2
122	122	by a covered foreign person of a United States busi-3
123	123	ness engaged in agriculture, the President shall pro-4
124	124	hibit the transaction unless a party to the trans-5
125	125	action voluntarily chooses to abandon the trans-6
126	126	action. 7
127	127	‘‘(2) R
128	128	EAL ESTATE DESCRIBED .—Subject to 8
129	129	regulations prescribed by the Committee, real estate 9
130	130	described in this paragraph is agricultural land (as 10
131	131	defined in section 9 of the Agricultural Foreign In-11
132	132	vestment Disclosure Act of 1978 (7 U.S.C. 3508)) 12
133	133	in the United States that is in close proximity (sub-13
134	134	ject to subsection (a)(4)(C)(ii)) to a United States 14
135	135	military installation or another facility or property of 15
136	136	the United States Government that is— 16
137	137	‘‘(A) sensitive for reasons relating to na-17
138	138	tional security for purposes of subsection 18
139	139	(a)(4)(B)(ii)(II)(bb); and 19
140	140	‘‘(B) identified in regulations prescribed by 20
141	141	the Committee. 21
142	142	‘‘(3) W
143	143	AIVER.—The President may waive, on a 22
144	144	case-by-case basis, the requirement to prohibit a 23
145	145	transaction under paragraph (1) after the President 24
146	146	determines and reports to the Committee on Bank-25
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149	149	•S 903 IS
150	150	ing, Housing, and Urban Affairs of the Senate and 1
151	151	the Committee on Financial Services of the House of 2
152	152	Representatives that the waiver is in the national in-3
153	153	terest of the United States. 4
154	154	‘‘(4) C
155	155	OVERED FOREIGN PERSON DEFINED .— 5
156	156	‘‘(A) I
157	157	N GENERAL.—In this subsection, 6
158	158	subject to regulations prescribed by the Com-7
159	159	mittee, the term ‘covered foreign person’— 8
160	160	‘‘(i) means any foreign person (includ-9
161	161	ing a foreign entity) that acts as an agent, 10
162	162	representative, or employee of, or acts at 11
163	163	the direction or control of, the government 12
164	164	of a covered country; and 13
165	165	‘‘(ii) does not include a United States 14
166	166	citizen or an alien lawfully admitted for 15
167	167	permanent residence to the United States. 16
168	168	‘‘(B) C
169	169	OVERED COUNTRY DEFINED .—For 17
170	170	purposes of subparagraph (A), the term ‘cov-18
171	171	ered country’ means any of the following coun-19
172	172	tries, if the country is determined to be a for-20
173	173	eign adversary pursuant to section 791.4 of 21
174	174	title 15, Code of Federal Regulations (or a suc-22
175	175	cessor regulation): 23
176	176	‘‘(i) The People’s Republic of China. 24
177	177	‘‘(ii) The Russian Federation. 25
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181	181	‘‘(iii) The Islamic Republic of Iran. 1
182	182	‘‘(iv) The Democratic People’s Repub-2
183	183	lic of Korea.’’. 3
184	184	(b) S
185	185	PENDINGPLANS.—Not later than 60 days after 4
186	186	the date of the enactment of this Act, each department 5
187	187	or agency represented on the Committee on Foreign In-6
188	188	vestment in the United States shall submit to the chair-7
189	189	person of the Committee a copy of the most recent spend-8
190	190	ing plan required under section 1721(b) of the Foreign 9
191	191	Investment Risk Review Modernization Act of 2018 (50 10
192	192	U.S.C. 4565 note). 11
193	193	(c) R
194	194	EGULATIONS.— 12
195	195	(1) I
196	196	N GENERAL.—The President shall direct, 13
197	197	subject to section 553 of title 5, United States Code, 14
198	198	the issuance of regulations to carry out the amend-15
199	199	ments made by this section. 16
200	200	(2) E
201	201	FFECTIVE DATE.—The regulations pre-17
202	202	scribed under paragraph (1) shall take effect not 18
203	203	later than one year after the date of the enactment 19
204	204	of this Act. 20
205	205	(d) E
206	206	FFECTIVEDATE; APPLICABILITY.—The amend-21
207	207	ments made by this section shall— 22
208	208	(1) take effect on the date that is 30 days after 23
209	209	the effective date of the regulations under subsection 24
210	210	(c)(2); and 25
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214	214	(2) apply with respect to a covered transaction 1
215	215	(as defined in section 721 of the Defense Production 2
216	216	Act of 1950 (50 U.S.C. 4565)) that is proposed, 3
217	217	pending, or completed on or after the date described 4
218	218	in paragraph (1). 5
219	219	Æ
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