Biden Administration to crack down on foreign land purchases
The U.S. Treasury Department proposed a rule on Friday that would require government approval for foreign entities wanting to purchase land near U.S. military bases.
The rule applies to land purchased within 100 miles of eight military installations.
The issue of foreign land purchases, particularly China’s purchase of agricultural land, has gained national attention this year after a spy balloon made its way across the continental U.S. and after a company named Fufeng purchased land 12 miles from an Air Force Base in North Dakota. The events sounded the alarm on the local, state, and federal levels, with North Dakota lawmakers putting a stop to Fufeng’s plans.
Sen. Kevin Cramer (R-ND) welcomed the Treasury’s proposed rule.
“This is a good first step to bolster reviews and mitigate threats similar to what we saw with Fufeng,” he said. “We need to stop Chinese investments in the U.S. that put our national security and critical supply chains at risk.”
The Office of Investment Security is responsible for screening foreign business dealings in the U.S. In order to protect national security, the office has the authority to block or change the terms of sales.