DARE Act of 2023
Defend America's Rural Energy Act of 2023 or the DARE Act of 2023
This bill requires the Committee on Foreign Investment in the United States (CFIUS) to review certain real estate transactions by foreign governments. (CFIUS is an interagency committee that oversees the national security risk of certain foreign direct investments in the U.S. economy. It may recommend that the President suspend or prohibit certain transactions.)
Under the bill, CFIUS must review the acquisition by a foreign government or an entity acting on its behalf of (1) agricultural land used to grow corn and soybeans for the purpose of renewable energy, or (2) land used for wind turbines or other wind energy production. The transfer of an interest in such land to a foreign government or an entity acting on its behalf is likewise subject to CFIUS review.
The bill also prohibits China, Russia, Iran, and North Korea, as well as persons acting on their behalf, from acquiring any interest in these types of land.
Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.