PASS Act of 2025

HR 5760, the PASS Act of 2025, amends CFIUS review rules to specifically require scrutiny of foreign investments in U.S. agricultural businesses and farmland. It targets transactions involving entities from China, Russia, Iran, or North Korea, mandating the President to prohibit such deals unless a national security waiver is granted after 30 days' notice to Congress. The bill defines "agriculture" using existing law and requires the Secretary of Agriculture to submit biannual reports on risks from foreign ownership in the agricultural sector. This directly affects foreign entities from the listed countries seeking to purchase U.S. farms, ranches, or agricultural real estate, and U.S. businesses in those sectors.