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U.S. TREASURY DEPT PROPOSES RULE REQUIRING GOVERNMENT APPROVAL FOR LAND PURCHASES NEAR MILIARY BASES BY FOREIGN ENTITIES
May 9, 2023
By Jenna Hoffman, AgWeb.com
By now, you've likely heard of the Chinese balloons that made their way across the U.S. in late January and early February and were eventually shot down. The spy balloons, coupled with a Chinese-owned company purchasing land 12 miles from a U.S. Air Force base in North Dakota, have sounded alarms on both state and federal levels.
To limit further foreign activity on U.S. lands, particularly the sale of land, the Treasury Department's Office of Investment Security proposed a rule on Friday that would require foreign entities to garner U.S. government approval before they are able to purchase land within 100 miles of eight military bases.
Sen. Kevin Cramer (R-N.D.) welcomed news of the proposed rule, which could have blocked the North Dakota land sale to the Fufeng Group.
"This is a good first step to bolster reviews and mitigate threats similar to what we saw with Fufeng," Cramer said in a statement on Thursday.
The Office of Investment Security is responsible for screening foreign business dealings in the U.S. and has the authority to block or force term changes in sales in order to protect national security.
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