New Treasury rulemaking would expand the U.S. Committee on Foreign Investment in the United States’ jurisdiction to review land sales near 56 additional military sites, bringing the overall number to 227
WASHINGTON — The U.S. wants to expand a Treasury committee’s jurisdiction to review land sales near U.S. military sites where foreigners are the buyers.
New Treasury rulemaking would expand the U.S. Committee on Foreign Investment in the United States’ powers to review land sales near 56 additional military sites, bringing the overall number to 227 military sites.
A 2018 law granted the committee authority to review real estate transactions near sensitive sites across the U.S.
The U.S. Committee on Foreign Investment in the United States is a little-known but powerful government committee also known as CFIUS — tasked with investigating corporate deals for national security concerns that holds power to force companies to change ownership structures or divest completely from the U.S.
It is made up of members from the State, Justice, Energy and Commerce departments among others.
The Monday rulemaking announcement comes after President Joe Biden in May issued a divestment order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base, calling its proximity to the base a “national security risk.”
Treasury Secretary Janet Yellen said in a statement that the Biden administration is “committed to using our strong investment screening tool to defend America’s national security, including actions that protect military installations from external threats.”
In May 2023, rulemaking began to give CFIUS the power to review land sales near military bases after controversy arose over plans by the Fufeng Group to build a $700 million wet corn milling plant about 12 miles from the Grand Forks Air Force Base, which houses air and space operations.
The proposed rule will be open for public comment for 30 days.
The U.S. has already issued major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China.
The United States government has recently announced plans to expand its oversight on foreign land sales near 56 military sites across the country. This move comes as part of a broader effort to protect national security interests and prevent potential threats from foreign entities gaining access to sensitive military installations.
The Department of Defense has identified these 56 military sites as being particularly vulnerable to foreign influence due to their proximity to critical infrastructure and classified operations. The sites include bases, training facilities, and research centers spread out across the country.
Under the new oversight measures, any foreign entity seeking to purchase land within a certain distance of these military sites will be subject to increased scrutiny and approval from the Committee on Foreign Investment in the United States (CFIUS). This committee, which is chaired by the Treasury Department, reviews foreign investments in U.S. companies and assets for potential national security concerns.
The expansion of oversight on foreign land sales near military sites is a response to growing concerns about the potential for espionage, sabotage, or other malicious activities by foreign actors. In recent years, there have been several high-profile cases of foreign entities attempting to acquire land near military installations for nefarious purposes.
By increasing oversight and scrutiny of foreign land sales near military sites, the U.S. government aims to better protect sensitive military operations and infrastructure from potential threats. This move is part of a broader effort to strengthen national security and safeguard critical assets from foreign interference.
While the new oversight measures may pose challenges for some foreign investors, they are seen as a necessary step to ensure the safety and security of U.S. military installations. The government has emphasized that it remains committed to promoting foreign investment in the United States, but not at the expense of national security.
Overall, the expansion of U.S. oversight on foreign land sales near military sites reflects the government’s ongoing efforts to protect critical infrastructure and assets from potential threats. By taking proactive steps to address vulnerabilities and strengthen security measures, the United States aims to maintain its position as a global leader in defense and national security.
