Washington, DC - Today, the House Financial Services Committee held a hearing entitled, "Evaluating the Operations of the Committee on Foreign Investment in the United States (CFIUS)". Chris Pilkerton, the recently sworn in Assistant Secretary for Investment Security at the Department of Treasury, was the invited witness.

Congressman Frank D. Lucas spoke in support of his bill to add the Secretary of Agriculture as a permanent member to CFIUS in order to better protect America's agricultural security.

SELECTED REMARKS:

Lucas: "The issue of ownership of key agriculture equities like land and infrastructure by foreign adversaries has continued to raise alarm bells across the country.

That's why I introduced the bipartisan Agricultural Risk Review Act - to add the Secretary of Agriculture as a permanent member to CFIUS for any transaction relating to the Ag industry and to require CFIUS to initiate reviews of threats notified by USDA.

Mr. Pilkerton - can you provide Treasury's perspective? How does CFIUS benefit from the Secretary of Agriculture's input? Would it be helpful for the Secretary [of Agriculture] to be a permanent member for transactions related to Ag?"

Mr. Pilkerton: "Secretary Rollins often says food security is national security, and I certainly agree with that."
-Chris Pilkerton, Assistant Secretary for Investment Security, U.S. Department of the Treasury

BACKGROUND

The Agricultural Risk Review Act adds the Secretary of Agriculture as a permanent member on the Committee on Foreign Investment in the United States (CFIUS), the interagency committee charged with reviewing the national security implications of foreign investments in the economy.

The bill also requires CFIUS to consider referrals from USDA for reportable agricultural land transactions.

The Agricultural Risk Review Act passed the House in June of last year.