U.S. Restricts Land Sales To Foreigners Near 56 Military Sites

The US wants to expand a Treasury committee’s jurisdiction to review land sales near US military sites where foreigners are the buyers.

The US Committee on Foreign Investment in the United States (CFIUS) is a little-known but powerful government committee tasked with investigating corporate deals for national security concerns. I Photo: U.S. Army Facebook

New Treasury rulemaking would expand the US 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, Fatima Hussein reported for the Associated Press (AP).

A 2018 law granted the committee authority to review real estate transactions near sensitive sites across the US.

The US Committee on Foreign Investment in the United States (CFIUS) is a little-known but powerful government committee tasked with investigating corporate deals for national security concerns. It holds the power to force companies to change ownership structures or divest completely from the US.

It is made up of members from the State, Justice, Energy, and Commerce departments, among others.

The recent 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.”