IARN — Iowa Senator Chuck Grassley introduced legislation Thursday that aims to protect U.S. food security.
Grassley – along with fellow Iowa Senator Joni Ernst and several of their colleagues – are introducing the Food Security is National Security Act to give top U.S. agriculture and food officials permanent representation on the Committee of Foreign Investment in the United States, or CFIUS.
“The bill also includes new agriculture and food-related criteria for CFIUS to consider when reviewing transactions that result in control of a U.S. business by a foreign company,” said Grassley. “I have long fought to protect agriculture’s supply chains that are critical to national security.”
The Food Security is National Security Act recognizes that agricultural and food security is vital to national security and the global economy. Grassley says that to protect U.S. food security, the legislation grants permanent representation on CFIUS to both the U.S. Ag Secretary and the Secretary of Health and Human Services, which oversees the Food and Drug Administration.
“We continue to see investment from foreign individuals and companies into American farmland and farm-owned agricultural companies,” said Grassley. “As many of you know, the job of CFIUS is to assess whether transactions initiated by a foreign company threaten U.S. national security interests. But right now, CFIUS does not include permanent representation from the USDA or the FDA.”
Two of the largest farm organizations, the American Farm Bureau Federation and the National Farmers Union, support the Food Security is National Security Act, echoing the call to evaluate the potential effects of mergers and acquisitions in agriculture.
Grassley made his comments during a recent conference call with farm reporters.
Story courtesy of the Iowa Agribusiness Radio Network.
