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. 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.”
Quick Read
- The U.S. plans to expand a Treasury committee’s jurisdiction to review land sales near 56 additional military sites, raising the total number of sites under review to 227.
- New Treasury rulemaking would enhance the U.S. Committee on Foreign Investment in the United States’ (CFIUS) authority to scrutinize real estate transactions near sensitive sites where foreigners are the buyers.
- A 2018 law initially granted CFIUS the power to review such transactions, aimed at protecting national security.
- CFIUS, composed of members from the State, Justice, Energy, and Commerce departments, investigates corporate deals for security concerns and can force changes in ownership or divestments.
- The expansion follows President Joe Biden’s May order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base due to national security risks.
- Treasury Secretary Janet Yellen emphasized the administration’s commitment to defending national security, including protecting military installations from external threats.
- The rulemaking process began in May 2023 after controversy over the Fufeng Group’s plans to build a $700 million wet corn milling plant near the Grand Forks Air Force Base, which raised security concerns.
- The proposed rule will be open for public comment for 30 days.
- The U.S. has also issued significant tariffs on imports from China, including electric vehicles, semiconductors, solar equipment, and medical supplies.
The Associated Press has the story:
U.S. to expand control of land sales to foreigners near 56 additional military sites
Newslooks- WASHINGTON (AP) —
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.
