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Grassley introduces SAFE Act

by Ben Nuelle LISTEN: Money Matters 7-13-16

Senator Chuck Grassley introduces the Securing America Food Equity Act.

The SAFE Act would permanently add the Department of Agriculture to the Committee on Foreign Investment in the U.S.

Senator Chuck Grassley says the bill will specify agriculture assets are critical infrastructure CFIUS must consider before it approves the sale of any major U.S. food or agriculture company.

“The bottom line of it is that anything where there is agriculture involved but has to have a foreign government involved and a foreign company involved. But most often if that foreign company has to do with the foreign government. In the case of Dow-DuPont no, but in the case of Syngenta and ChemChina yes.”

Grassley says for three or four months now; he’s advocated the USDA be involved.

“I am not satisfied that I have made my point. Although, we have heard rumors to the effect in the case of Syngenta and ChemChina that they would take that into consideration but that is just a rumor. What I am trying to do with this legislation is to make the USDA a permanent member and we want to send a message to other countries who want to keep buying our companies.”

Grassley says some other countries want to get involved because it’s a good investment, research and development, or trade secrets.

Congress begins their recess Friday and won’t return until September.