PASS Act

S 903, the PASS Act, requires the Committee on Foreign Investment in the United States (CFIUS) to review foreign purchases of U.S. agricultural land or businesses near military installations or sensitive government facilities. It specifically targets transactions involving foreign entities acting on behalf of designated "covered countries" (China, Russia, Iran, and North Korea), prohibiting such deals unless the President grants a national interest waiver. The bill defines "agricultural land" broadly and mandates CFIUS to determine within 30 days if a transaction qualifies for review, with the President having authority to block purchases near security-sensitive sites. This law directly affects foreign investors from the listed countries seeking to acquire U.S. farmland or agribusinesses in areas near military bases or government properties.