US to expand control of land sales to foreigners near military sites

The U.S. desires to develop a Treasury committee’s jurisdiction to evaluate land gross sales close to U.S. army websites the place foreigners are the consumers.

New Treasury rulemaking would develop the U.S. Committee on Overseas Funding in the USA’ powers to evaluate land gross sales close to 56 extra army websites, bringing the general quantity to 227 army websites.

Further websites embrace Naval Air Station Corpus Christi in Texas, Marine Corps Logistics Base Barstow in California, Cannon Air Drive Base in New Mexico, and Fort Novosel in Alabama, together with different places, based on the proposed rule.

A 2018 legislation granted the committee authority to evaluate actual property transactions close to delicate websites throughout the U.S.

The U.S. Committee on Overseas Funding in the USA is a little-known however highly effective authorities committee also called CFIUS — tasked with investigating company offers for nationwide safety issues that holds energy to power firms to alter possession constructions or divest fully from the U.S.

It’s made up of members from the State, Justice, Power and Commerce departments, amongst others.

The Monday rulemaking announcement comes after President Joe Biden in Might issued a divestment order blocking a Chinese language-backed cryptocurrency mining agency from proudly owning land close to a Wyoming nuclear missile base, calling its proximity to the bottom a “nationwide safety threat.”

Treasury Secretary Janet Yellen stated in a press release that the Biden administration is “dedicated to utilizing our robust funding screening instrument to defend America’s nationwide safety, together with actions that defend army installations from exterior threats.”

In Might 2023, rulemaking started to provide CFIUS the ability to evaluate land gross sales close to army bases after controversy arose over plans by the Fufeng Group to construct a $700 million moist corn milling plant about 12 miles from the Grand Forks Air Drive Base, which homes air and area operations.

The proposed rule will probably be open for public remark for 30 days.

The U.S. has already issued main new tariffs on electrical autos, semiconductors, photo voltaic gear and medical provides imported from China.

Army Instances Night time and Weekend Editor Beth Sullivan contributed to this story.