Sponsors (3)
Expands CFIUS review to certain real-estate transactions near military activities and pauses related DoD/DOT project approvals until CFIUS concludes its review.
Official title: To require the Committee on Foreign Investment in the United States to review any purchase or lease of real estate near a military installation or military airspace in the United States by a foreign person connected to or subsidized by the Russian Federation, the People's Republic of China, the Islamic Republic of Iran, or the Democratic People's Republic of Korea, and for other purposes.
Introduced April 9, 2025 by Jodey Cook Arrington · Last progress April 9, 2025
The bill increases protections for military installations and critical infrastructure by expanding review and interagency coordination for foreign-involved real estate and projects, but does so at the cost of slower approvals, higher project and transaction costs, potential chilling of foreign investment, and added scrutiny that may affect property owners and administrative transparency.
Military personnel, taxpayers, and critical-infrastructure operators: foreign purchases, leases, and energy project approvals near bases or military airspace will face stricter review so installations and energy infrastructure are less likely to pose national-security risks.
Local, state, and federal officials: clearer notifications to local elected officials plus strengthened interagency coordination (DoD, DOT, CFIUS) will improve oversight and ensure security concerns are considered earlier in permitting and real-estate transactions.
Project developers, utilities, and consumers/taxpayers: permitting and property transactions near military or foreign-invested sites are likely to be delayed while reviews occur, raising project costs, slowing energy infrastructure deployment, and potentially increasing costs passed to consumers or taxpayers.
Foreign investors and U.S. real-estate markets: expanded review scope and additional regulatory hurdles may deter or reduce foreign investment in U.S. real estate near military or infrastructure sites, lowering transaction volume and raising transaction costs.
Homeowners and small-business owners near military areas: increased federal scrutiny of private property could impinge perceived property rights and reduce market values for properties near covered military sites.
Based on analysis of 3 sections of legislative text.
Expands CFIUS authority to cover purchases, leases, or concessions of U.S. real property near military installations, training routes, special use airspace, controlled firing areas, or military operations areas when foreign persons (including foreign-government-owned/controlled entities or subsidized actors) are involved. Requires CFIUS to unilaterally initiate reviews of such real estate transactions and broadens congressional notification to include the Senator(s) and the Representative where the affected military property is located. The bill also pauses related Defense and Transportation reviews of energy or structure projects sited on such real property until CFIUS completes its review and requires DoD to send an unacceptable national security risk finding to DOT if CFIUS refers the transaction to the President.