Treasury proposes rule to curb foreign land grabs near military bases | News World

(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…

Source www.newsnationnow.com

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