This bill expands federal oversight of foreign real estate purchases in the United States by giving the Committee on Foreign Investment in the United States authority to review land deals by foreign entities of concern. The law applies to purchases, leases, or concessions exceeding one million dollars or involving more than 100 acres, as well as smaller transactions that combine to exceed these thresholds within a three-year period. Foreign entities of concern are defined using existing national security standards from prior defense legislation. The bill requires the Director of National Intelligence to submit an initial report to Congress within 180 days of enactment, then annually thereafter, detailing national security risks associated with foreign real estate ownership, including potential threats near critical infrastructure. The legislation also directs federal agencies to develop best practices for state and local officials to use when evaluating potential transactions with foreign entities, and requires the Treasury Department to assess whether existing foreign-owned properties pose national security threats.
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