H.R. 5409 — what changed

Section 721(b)(1) of the Defense Production Act of 1950 (50 U.S.C. 4565(b)(1)) is amended by adding at the end the following:

“(I) Consideration of certain agricultural land transactions

changed “(i) In general—Not later than 30 days after receiving notification from the Notification—The Secretary of Agriculture shall notify the Committee of a any reportable agricultural land transaction, transaction that the Committee shall determine—Secretary of Agriculture has reason to believe may raise national security concerns.

added “(ii) Determination—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 the Committee should initiate a review pursuant to subparagraph (D), or take another action authorized under this section, with respect to the reportable agricultural land transaction.

added “(iii) Reportable agricultural land transaction—In this subparagraph, the term “reportable agricultural land transaction” means a transaction—

removed “(ii) Reportable agricultural land transaction—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;

added “(II) that involves the acquisition of an interest in agricultural land by a foreign person, other than by an excepted investor or an excepted real estate investor, as such terms are defined in regulations prescribed by the Committee; and

removed “(II) that involves the acquisition of an interest in agricultural land by a foreign person, other than by a foreign person of an excepted foreign state or an excepted real estate foreign state, 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.”