this U.S. Treasury Department Announced on Monday that it had issued a Notice of Proposed Rulemaking (NPRM) to expand Committee on Foreign Investment in the United States (CFIUS) has the authority to review real estate transactions by foreign buyers near military installations.
CFIUS is an interagency government committee that includes the Departments of Treasury, Justice, Homeland Security, Commerce, Defense, State, and others.
“Under legislation passed by Congress in 2018, CFIUS has the authority to review certain real estate transactions near certain military installations and, where appropriate, take action,” the announcement states. “This proposed rule would provide additional control over land purchases where CFIUS has jurisdiction, including over land purchases. ) to add more than 50 military installations in 30 states to its existing list of installations.”
If enacted, the update would “significantly expand” the military installations under the commission’s jurisdiction while maintaining a focus on national security, the department said.
“President Biden and I remain committed to using our robust investment screening tools to defend America’s national security, including taking action to protect military installations from external threats,” Treasury Secretary Janet Yellen said in a statement. “CFIUS plays an integral role in U.S. national security by thoroughly scrutinizing real estate transactions near sensitive military installations, and this proposed rule would significantly expand its jurisdiction and ability to accomplish this important mission.”
The 2018 Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) provides that Congress authorizes CFIUS to “review foreign persons purchasing or leasing real estate in the United States or providing concessions to military installations” or other entities operating in the national security area. facility. The aim is to guard against any risks that may arise from such transactions, which place sensitive security facilities under the surveillance of foreign powers.
“This proposed rule is the result of a comprehensive review recently conducted by the Commission. Department of Defense Regarding its military installations,” the ministry said. The proposed rule would enhance CFIUS’s authority, including expanding CFIUS’s jurisdiction over real estate transactions to cover transactions within a one-mile radius around 40 additional military installations.
The proposed rule would also cover transactions, including within a 100-mile radius of 19 additional military installations; and within a distance of 1 to 100 miles around the eight installations already listed in the regulations. The rule also updates the names of 14 installations and the locations of 7 installations, all of which are listed.
