PASS Act of 2023

The PASS Act of 2023 expands CFIUS (Committee on Foreign Investment) review to specifically cover foreign investments in U.S. agriculture businesses and agricultural real estate. It prohibits transactions involving "covered foreign persons" (defined as entities linked to China, Russia, Iran, or North Korea) that would result in foreign control of U.S. agricultural operations or farmland. The President must block such transactions unless a national security waiver is granted after 30 days. The Secretary of Agriculture must also submit biannual reports to Congress on risks posed by foreign ownership in U.S. agriculture.