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Rule would expand CFIUS coverage of real estate transactions near military installations

On Monday, the U.S. Treasury Department announced a proposed rule that would expand the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS) to include transactions near military installations.

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The Treasury Department, as chair of CFIUS, oversees various transactions by foreign persons involving real estate across the country. As part of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), the law allows CFIUS to review foreign persons’ purchases or leases of real estate in close proximity to a military installation or sensitive area. Current regulations identify a subset of military installations that fall under CFIUS’s jurisdiction.

“Today’s proposed rule is another example of CFIUS’s ongoing commitment to refining our tools to protect U.S. national security and an important milestone in protecting critical U.S. military facilities,” said Paul Rosen, Assistant Secretary for Investment Security at the U.S. Treasury Department. “Working closely with the U.S. Department of Defense and other CFIUS members, we will continue to respond to the evolving nature of the risks we face to ensure we protect our military facilities and related defense assets.”

The Treasury Department’s updated rule would add more than 50 military installations in 30 states to the list of areas under CFIUS’s jurisdiction. The proposed rule would expand the scope of CFIUS’s jurisdiction while maintaining a focus on national security, officials said.

“President Biden and I remain committed to using our strong investment screening tool to protect America’s national security, including measures to protect military facilities from external threats. CFIUS plays an essential role in U.S. national security by thoroughly reviewing real estate transactions near sensitive military facilities, and this proposed rule will significantly expand its jurisdiction and ability to perform this important task,” said Treasury Secretary Janet L. Yellen.

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