H.R. 5760 — PASS Act of 2025

This section expands the scope of covered transactions subject to review by the Committee on Foreign Investment in the United States (CFIUS) under the Defense Production Act of 1950 (50 U.S.C. 4565) to include (1) investments by foreign persons in unaffiliated U.S. businesses engaged in agriculture (as defined in section 3(f) of the Fair Labor Standards Act of 1938, 29 U.S.C. 203(f), i.e., farming and related activities) or biotechnology related to agriculture and (2) purchases, leases, or concessions of private U.S. real estate used in agriculture; adds the Secretary of Agriculture as a CFIUS committee member; and defines agriculture by cross-reference to 29 U.S.C. 203(f). The section further prohibits the President from allowing any such transaction that would result in control of or investment by a covered foreign person (i.e., one acting on behalf of, directed by, citizen of, organized in, principally based in, or a subsidiary of an entity from a prohibited country—China, Russia, Iran, or North Korea—in a U.S. agriculture business or agricultural real estate), with a case-by-case waiver authority exercisable no sooner than 30 days after a report to congressional committees of jurisdiction determining it vital to national security. Finally, the section requires the Secretary of Agriculture to submit reports to the House and Senate Agriculture Committees, not later than 180 days after enactment and semiannually thereafter, assessing risks to the U.S. agricultural sector from foreign purchases of U.S. agriculture businesses.