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Congressional Daily Record
This section is about changes proposed to a bill or resolution. It mentions committees such as Committee on Banking, Housing, and Urban Affairs, members such as Marion Michael Rounds.
Issued
June 24, 2026
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Download official Senate Record PDFReturn to issue contextSA 6103. Mr. ROUNDS (for himself, Ms. Cortez Masto, and Ms. Lummis) submitted an amendment intended to be proposed by him to the bill S. 4784, to authorize appropriations for fiscal year 2027 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle G of title X, add the following:
SEC. 1094. REVIEW AND PROHIBITIONS BY COMMITTEE ON FOREIGN
INVESTMENT IN THE UNITED STATES OF CERTAIN
TRANSACTIONS RELATING TO AGRICULTURE.
(a) In General.—Section 721 of the Defense Production Act
of 1950 (50 U.S.C. 4565) is amended—
(1) in subsection (a), by adding at the end the following:
“(14) Agriculture.—The term `agriculture' has the meaning
given that term in section 3 of the Fair Labor Standards Act
of 1938 (29 U.S.C. 203).”;
(2) in subsection (b)(1), by adding at the end the
following:
“(I) Consideration of certain agricultural land
transactions.—
“(i) In general.—Not later than 30 days after receiving
notification from the Secretary of Agriculture of a
reportable agricultural land transaction, the Committee shall
determine—
“(I) whether the transaction is a covered transaction; and
“(II) if the Committee determines that the transaction is
a covered transaction, whether to—
“(aa) request the submission of a notice under clause (i)
of subparagraph (C) or a declaration under clause (v) of such
subparagraph pursuant to the process established under
subparagraph (H); or
“(bb) initiate a review pursuant to subparagraph (D).
“(ii) Reportable agricultural land transaction defined.—
In this subparagraph, the term `reportable agricultural land
transaction' means a transaction—
“(I) that the Secretary of Agriculture has reason to
believe is a covered transaction;
“(II) that involves the acquisition of an interest in
agricultural land by a foreign person, other than an excepted
investor or an excepted real estate investor, as such terms
are defined in regulations prescribed by the Committee; and
“(III) with respect to which a person is required to
submit a report to the Secretary of Agriculture under section
2(a) of the Agricultural Foreign Investment Disclosure Act of
1978 (7 U.S.C. 3501(a)).
“(iii) Rule of construction.—Nothing in this subparagraph
shall be construed to apply to the acquisition of an interest
in agricultural land by a United States citizen or an alien
lawfully admitted for permanent residence to the United
States.”;
(3) in subsection (k)(2)—
(A) by redesignating subparagraphs (H), (I), and (J) as
subparagraphs (I), (J), and (K), respectively; and
(B) by inserting after subparagraph (G) the following:
“(H) The Secretary of Agriculture, with respect to any
covered transaction related to the purchase of agricultural
land or biotechnology or otherwise related to the agriculture
industry in the United States.”; and
(4) by adding at the end the following:
“(r) Prohibitions Relating to Purchases of Agricultural
Land and Agricultural Businesses.—
“(1) In general.—If the Committee, in conducting a review
under this section, determines that a transaction described
in clause (i), (ii), or (iv) of subsection (a)(4)(B) would
result in the purchase or lease by a covered foreign person
of real estate described in paragraph (2) or would result in
control by a covered foreign person of a United States
business engaged in agriculture, the President shall prohibit
the transaction unless a party to the transaction voluntarily
chooses to abandon the transaction.
“(2) Real estate described.—Subject to regulations
prescribed by the Committee, real estate described in this
paragraph is agricultural land (as defined in section 9 of
the Agricultural Foreign Investment Disclosure Act of 1978 (7
U.S.C. 3508)) in the United States that is in close proximity
(subject to subsection (a)(4)(C)(ii)) to a United States
military installation or another facility or property of the
United States Government that is—
“(A) sensitive for reasons relating to national security
for purposes of subsection (a)(4)(B)(ii)(II)(bb); and
“(B) identified in regulations prescribed by the
Committee.
“(3) Waiver.—
“(A) In general.—The President may waive, on a case-by-
case basis, the requirement to prohibit a transaction under
paragraph (1) after the President determines and reports to
the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House
of Representatives that the waiver is in the national
interest of the United States.
“(B) Delegation.—The President may delegate the authority
under subparagraph (A) to the Secretary of the Treasury. The
Secretary of the Treasury may redelegate that authority to
the Deputy Secretary of the Treasury or to another
appropriate officer of the Department of the Treasury.
“(4) Covered foreign person defined.—
“(A) In general.—In this subsection, subject to
regulations prescribed by the Committee, the term `covered
foreign person'—
“(i) means—
“(I) the government of a covered country; or
“(II) any foreign person (including a foreign entity) that
acts as an agent, representative, or employee of, or acts at
the direction or control of, the government of a covered
country; and
“(ii) does not include a United States citizen or an alien
lawfully admitted for permanent residence to the United
States.
“(B) Covered country defined.—For purposes of
subparagraph (A), the term `covered country' means any of the
following countries, if the country is determined to be a
foreign adversary pursuant to section 791.4 of title 15, Code
of Federal Regulations (or a successor regulation):
“(i) The People's Republic of China.
“(ii) The Russian Federation.
“(iii) The Islamic Republic of Iran.
“(iv) The Democratic People's Republic of Korea.”.
(b) Spending Plans.—Not later than 60 days after the date
of the enactment of this
Act, each department or agency represented on the Committee
on Foreign Investment in the United States shall submit to
the chairperson of the Committee a copy of the most recent
spending plan required under section 1721(b) of the Foreign
Investment Risk Review Modernization Act of 2018 (50 U.S.C.
4565 note).
(c) Regulations.—
(1) In general.—The President shall direct, subject to
section 553 of title 5, United States Code, the issuance of
regulations to carry out the amendments made by this section.
(2) Effective date.—The regulations prescribed under
paragraph (1) shall take effect not later than 18 months
after the date of the enactment of this Act.
(d) Effective Date; Applicability.—The amendments made by
this section shall—
(1) take effect on the date of the enactment of this Act;
and
(2) apply with respect to a covered transaction (as defined
in section 721 of the Defense Production Act of 1950 (50
U.S.C. 4565)) that is proposed, pending, or completed on or
after such date of enactment.