Treasury proposes rule to curb foreign land grabs near military bases
- Proposed rule adds over 50 military installations to CFIUS jurisdiction
- Treasury officials say this lets CFIUS maintain focus on national security
- Members of the public can submit comments on rule for 30 days on CFIUS site
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(NewsNation) — The U.S. Department of the Treasury issued a proposed rule Monday that would expand a committee’s role in certain real estate transactions made between foreign investors and U.S. firms.
Under legislation passed in 2018, the Committee on Foreign Investment in the United States is already able to review some real estate transactions near military installations, and can take action in what the Treasury calls “appropriate circumstances.”
The suggested rule announced Monday adds over 50 military installations spanning 30 states to the list of places where CFIUS has jurisdiction, including over land purchases. Treasury officials say this will “vastly expand” the committee’s reach, while also allowing it to maintain a “sharp focus on national security.”
“President Biden and I remain committed to using our strong investment screening tool to defend America’s national security, including actions that protect military installations from external threats,” Secretary of the Treasury Janet L. Yellen said in a statement.
Members of the public can submit their written comments on the rule for 30 days on the CFIUS’s website.
This proposed rule comes months after Nippon Steel of Japan announced in December that it plans to buy a Pittsburgh-based steel producer for $14.1 billion. It’s a move that’s raised concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security.
The Associated Press contributed to this report.
This story is developing. Refresh for updates.
