House Financial Services Committee Advances Bills on Foreign Investment, Sanctions

The House Financial Services Committee unanimously approved several bills March 5 dealing with foreign investment and sanctions.

• The Agricultural Risk Review Act, introduced by Rep. Frank Lucas, R-Okla., would make USDA a permanent member of the Committee on Foreign Investment in the U.S. for agricultural transactions. It also would require CFIUS to consider farmland transactions referred by USDA.
• The Stop Chinese Fentanyl Act, offered by Rep. Andy Barr, R-Ky., would authorize the administration to sanction Chinese chemical companies and government officials who don't do appropriate compliance and oversight to prevent their chemicals from being sold to narcotraffickers.
• The Taiwan Conflict Deterrence Act, introduced by Rep. Lisa McClain, R-Mich., would cut off top Chinese leaders and their family members from the U.S. financial system if China takes military action against Taiwan.
• The OFAC Licensure for Investigators Act, offered by Rep. Joyce Beatty, D-Ohio, would require the Office of Foreign Assets Control to create a pilot program to allow private-sector firms to conduct nominal financial transactions with sanctioned entities. The transactions would allow investigators to see where the money goes.

In the last Congress, Lucas' bill cleared the Financial Services Committee and the bills from Barr, McClain and Beatty passed the full House (see 2309200051, 2501290060, 2401120053 and 2409090062).