Grassley, Stabenow, Ernst, Tester Introduce Bipartisan Legislation to Protect American Agricultural Interests in Foreign Acquisitions

WASHINGTON
– Sen. Chuck Grassley (R-Iowa) and Senate Agriculture Chairwoman Debbie
Stabenow (D-Mich.) Collectively with their colleagues, Sens. Joni Ernst (R-Iowa) and Jon
Tester (D-Mont.), launched legal guidelines To current prime U.S. agriculture and meals
officers everlasting illustration on the Committee on Overseas Funding in
America (CFIUS). The bipartisan Food
Safety is Nationwide Safety Act Can additionally embrace new agriculture and
meals-associated standards for CFIUS To imagine about when considering transactions that
might Finish in cost of a U.S. enterprise by a foreign agency.

 

“As
we Take inTo imagine aboutation The Prolonged time period and the rising worldwide inhabitants, it’s important to
think about our nation’s meals current. With foreign investments from Throughout the
world going to American farmland and agricultural corporations That are essential
to the nation’s current chain it’s important that We current enough oversight
inTo these investments,” Grassley said. “Agriculture performs An important
position in national security. As we proceed to compete in A worldwide financial system and
our national security method proceeds to evolve, it’s important to have
illustration of agricultural pursuits on CFIUS.”

 

“Our
national security Relies upon upon a meals system That is shielded, safe, and
resilient,” Stabenow said. “As foreign entities proceed their acquisitions of
U.S. meals and agriculture corporations, American farmers and households Want to
know these transactions acquire right scrutiny. This invoice enconstructives that the
U.S. has The relevant devices And completely different people in place To shieldedguard America’s meals
security, meals shieldedty, biosecurity, and the extremely aggressive U.S. farm sector
as A complete.” Stabenow, Chairwoman of the Senate Agriculture Committee, said.
 

 

“Overseas
acquisitions of Iowa and U.S.-based mostly meals and agriculture corporations, particularly
by Communist China, menaceen the integrity of our meals current and The security
of our nation. Now Greater than ever, with current chain disruptions persevering with to
influence Iowans and People across the nation, We now Want to do extra To shield
our meals and ag methods from being manipulated by dangerous actors abroad. That’s why
I’m backing this effort to scrutinize foreign investments in American
agricultural belongings and assist shieldedguard our houseland,” Ernst, a fight
veteran and member of the Senate Agriculture Committee, said.

 

“Montanans know that meals security is national
security, and it’s important That people right here at house have oversight over our
meals current To Enconstructive we aren’t getting manipulated by foreign corporations,” Tester said. “This
legal guidelines will assist Make constructive that foreign investments in American agriculture
are utterly vetted so We will shield our producers and consumers, and it
will forestall dangerous actors from calling the photographs When it Includes our nation’s
current chain.”  

 

CFIUS is a panel Of presidency officers tasked with considering
proposed mergers and acquisitions of U.S. corporations by foreign entities. The
job of CFIUS is To evaluate whether or not transactions initiated by foreign entities might
menaceen U.S. national security pursuits. Presently, CFIUS Does not embrace
everlasting illustration from the U.S. Division of Agriculture (USDA) or the
U.S. Division of Well being and Human Providers (HHS), The two enterprisees with
primary obligation for shieldedguarding the integrity, resiliency and extreme quality
of the nation’s meals current.

 

The Food Safety is Nationwide Safety Act acknowledges
that agricultural and meals security Is essential to national security and the
worldwide financial system. To shield U.S. meals security, the legal guidelines grants everlasting
illustration on CFIUS to each the Secretary of Agriculture and the Secretary
of HHS, which oversees the Food and Drug Administration.

 

The legal guidelines additionally
provides new standards to the CFIUS consider course of To Enconstructive that proposed
transactions are considered particularly For his or her potential influence on American
meals and agricultural methods, together with availability of, entry to, or shieldedty
and extreme quality of meals. Specifically together with meals and agriculture Inside the consider
course of Is An important national security shieldedguard and sends A strong signal
to potential foreign purchasers.

 

Key agriculture
stakeholders additionally understand the signalificance of conveying an agricultural
perspective to the CFIUS consider course of. Two of The Most very important farm organizations,
the American Farm Bureau Federation and the Nationwide Farmers Union, assist the
Food Safety is Nationwide Safety Act,
echoing The choice To guage the potential outcomes of mergers and acquisitions
in agriculture.

 

“The challenges launched by the pandemic and world current chain
factors have pushed house agriculture’s ties to national security. Monitoring and
evaluating mergers and acquisitions, As properly as to who contributes to our meals
manufacturing and distribution, is essential. The Secretary of Agriculture
understands that, and he would convey a a lot-needed perspective to the Committee
on Overseas Funding in America,” American Farm Bureau Federation President Zippy Duvall said.

 

“Prior to now decade, Tright here was
an alarming quantity of investment from foreign governments And agencys in U.S.
agriculture,” Nationwide Farmers Union
President Rob Larew said. “Amidst rising consolidation in our home meals
and agriculture system, these mergers and acquisitions pose a heightened menace
to our meals security. NFU appreciates the introduction of this commonsense
legal guidelines to convey greater scrutiny To these foreign investments, and To assist
shieldedguard America’s meals current.”