No Russian Agriculture Act

Floor Speech

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Mr. McHENRY. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4768) to require the Secretary of the Treasury to instruct the United States Executive Directors at the international financial institutions to advocate for investment in projects that decrease reliance on Russia for agricultural commodities, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows: H.R. 4768

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the ``No Russian Agriculture Act''. SEC. 2. UNITED STATES ADVOCACY FOR INVESTMENT IN PROJECTS THAT DECREASE RELIANCE ON RUSSIA FOR AGRICULTURAL COMMODITIES.

(a) In General.--Title XIV of the International Financial Institutions Act (22 U.S.C. 262n-262n-3) is amended by adding at the end the following: ``SEC. 1405. ADVOCACY FOR INVESTMENT IN PROJECTS THAT DECREASE RELIANCE ON RUSSIA FOR AGRICULTURAL COMMODITIES.

``(a) In General.--The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2)) to use the voice, vote, and influence of the United States, to the maximum extent practicable, to encourage the respective institution to--

``(1) support projects that decrease the reliance of countries on Russia for agricultural commodities, particularly fertilizer and grain;

``(2) ensure the resilience of global grain supplies; and

``(3) stimulate private investment in the projects.

``(b) Waiver Authority.--The Secretary of the Treasury may waive subsection (a) with respect to a project upon notifying Congress that the waiver is in the national interest of the United States.''.

(b) Repeal.--Section 1405 of such Act, as added by this section, is repealed effective on the earlier of--

(1) the date that is 5 years after the date of the enactment of this Act; or

(2) the date that is 30 days after the date the President reports to the Congress that the termination of such section 1405 is important to the national interest of the United States, with an explanation of the reasons therefor.

Mr. Speaker, I rise in support of H.R. 4768, the No Russian Agriculture Act, introduced by the ranking member of the Financial Services Committee, the former chair, Maxine Waters.

Since Russia's invasion of Ukraine in 2022, the global agricultural markets have been severely disrupted.

Post invasion, Russia withdrew from an agreement allowing Ukrainian grain shipments to pass through the Black Sea to international markets, thus eliminating a major competitor to Russian exports in the process.

As a result, Russian agricultural exports have remained robust. Additionally, Moscow-imposed export taxes and quotas have only further secured its own domestic food supply at the expense of the international community.

Nearly 2 years later, Moscow continues to diligently weaponize its agricultural trade to ensure dependence on Russian exports. Russia's actions have not only impacted farmers in Ukraine and Europe but across America, as well. As with many things, the United States should never have to rely on foreign adversaries for our food supply.

Diversifying agricultural supplies is imperative for our economic growth and our national security. International financial institutions like the World Bank and the IMF can play a critical role in providing financial and technical assistance to develop the agricultural sectors of poorer countries.

Ranking Member Waters' bill is a critical step in the right direction. It will deter Russia's calculated acts by limiting the reliance of other countries on Russian agricultural commodities.

The voice, the vote, and the influence of the United States is a powerful mechanism at the international financial institutions that we are a part of, and it will allow the world to continue to fight Russia in its path of destruction and injustice.

Mr. Speaker, I thank the ranking member of the committee, Ms. Waters, for her leadership on this legislation.

Mr. Speaker, I would just reiterate that Ranking Member Waters' bill is a critical step in the right direction. We are trying to deter Russia's calculated acts by limiting the reliance of other countries on Russia's agricultural commodities.

Mr. Speaker, I urge my colleagues to support the bill, and I yield back the balance of my time.
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