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Treasury expands security reviews for military land deals

REUTERS/AL DRAGO//FILE PHOTO
                                The Treasury Department is pictured in Washington, in April 2021. The U.S. Treasury today announced a major expansion of its security review authority over foreign purchases of real estate near American military bases, adding a net total of 56 facilities across 30 states to its review list.
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REUTERS/AL DRAGO//FILE PHOTO

The Treasury Department is pictured in Washington, in April 2021. The U.S. Treasury today announced a major expansion of its security review authority over foreign purchases of real estate near American military bases, adding a net total of 56 facilities across 30 states to its review list.

WASHINGTON >> The U.S. Treasury today announced a major expansion of its security review authority over foreign purchases of real estate near American military bases, adding a net total of 56 facilities across 30 states to its review list.

A U.S. Treasury official said the department’s notice of proposed rule-making would expand the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS) to about 227 military installations.

The expansion comes less than two months after a previous CFIUS review handed a Chinese-linked company and its partners 120 days to sell property they had purchased near a U.S. Air Force Base in Wyoming that is home to part of the U.S. nuclear arsenal.

The U.S. has become increasingly concerned about the national security risks posed by Chinese-linked purchases of property near sensitive military sites. A 2018 law expanded CFIUS’ authority to review foreign acquisitions of some non-controlling investments in U.S. real estate transactions that pose national security concerns.

The proposed rule announced today would expand CFIUS’ jurisdiction over land deals within one mile of 40 additional military sites and within 100 miles of 19 additional military installations.

The Treasury official said the rule would be the largest expansion of CFIUS’ review authority since the 2018 law was enacted.

“This latest update vastly expands the reach of CFIUS’ real estate jurisdiction while maintaining its sharp focus on national security,” the official said.

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