House Committee Advances Bills to Increase USDA Role in CFIUS
The House Financial Services Committee this week advanced a bill that would make USDA a permanent member of the Committee on Foreign Investment in the U.S. The Agricultural Security Risk Review Act, which passed the committee with bipartisan support, would address an “overdue” oversight in making the agency a formal part of all CFIUS reviews, Rep. Blaine Luetkemeyer, R-Mo., said during a Sept. 20 committee markup. “While CFIUS is indeed a committee, it benefits from expertise and particular member agencies with relevant expertise,” he said. “Agriculture is too important to go neglected.”
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The committee also advanced the Safeguarding American Farms from Foreign Influence Act, which would require USDA to notify CFIUS when it has reason to believe a foreign land purchase raises national security concerns. “While most land deals are benign and involve U.S. allies such as Canada or Europe, some require closer scrutiny,” Luetkemeyer said. “USDA has its eyes on farmland purchases, but we need more connective tissue between the department and CFIUS.”