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H.R. 3378, Agricultural Security Risk Review Act (CBO Report for Congress)

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Congress 118th
Date Requested Sept. 20, 2023
Requested By House Committee on Financial Services
Date Sent Nov. 15, 2023
Description:
H.R. 3378 would add the Department of Agriculture (USDA) to the Committee on Foreign Investment in the United States (CFIUS), an interagency committee that reviews potential national security threats of foreign investment in the United States. Under current law, USDA may participate in investigations related to agricultural investments, upon request from the committee. Because USDA already assists CFIUS in those efforts, CBO estimates that the costs to implement the bill would not be significant over the 2024-2028 period. Any spending would be subject to the availability of appropriated funds. CBO has not reviewed H.R. 3378 for intergovernmental or private-sector mandates. Section 4 of the Unfunded Mandates Reform Act excludes from the application of that act any legislative provisions that are necessary for national security. CBO has determined that the provisions of the Defense Production Act of 1950, as amended by the bill, would fall under that exclusion.

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