The US is Strengthening Scrutiny of Foreign Investments Near Military Bases
In an effort to enhance national security against potential threats from countries like China, the US Treasury Department is expanding its scrutiny of foreign investments near military bases. Treasury Secretary Janet Yellen announced that a proposed rule will broaden the jurisdiction of the Committee on Foreign Investments in the US (CFIUS), which reviews foreign acquisitions of US companies and real estate.
This move aims to prevent surveillance and espionage activities near sensitive military installations by giving CFIUS the authority to review, block, or impose restrictions on foreign purchases of real estate. The expansion will include adding over 50 military bases in 30 states to the list of areas under scrutiny, bringing the total number of bases to 227.
The decision to ramp up scrutiny comes in the wake of President Joe Biden’s order for a Chinese company to divest a property near a Wyoming Air Force base housing intercontinental ballistic missiles. CFIUS reviews real estate transactions without prejudice towards any specific country, considering threats, vulnerabilities, and national security implications.
A 2023 Treasury report revealed that China dominated all transactions reviewed by CFIUS between 2020 and 2022. Additionally, the Office of the Director of National Intelligence warned of economic, industrial, and cyber espionage threats posed by China, Russia, Iran, and North Korea.
Treasury’s assistant secretary for investment security, Paul Rosen, described the new rule as a critical milestone in protecting vital US military installations and assets. Rosen emphasized the commitment of Treasury, the Pentagon, and other CFIUS members to adapt to evolving risks and safeguard military facilities effectively.
For more news and updates, visit bloomberg.com.
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