Costa, Thompson, Gallagher lead Bipartisan CFIUS Reform, Protecting U.S. Farmland and Sensitive Sites from Foreign Adversaries Act

National -

WASHINGTON – RealEstateRama – Congressman Jim Costa joined Representatives Mike Gallagher and Mike Thompson and a bipartisan coalition of members in introducing the Protecting U.S. Farmland and Sensitive Sites From Foreign Adversaries Act, legislation that would give the Committee on Foreign Investment in the United States (CFIUS) jurisdiction over all land purchases by foreign adversary entities and require mandatory CFIUS filing for foreign adversary entities making land purchases near sensitive sites, including all military facilities. This bill would mark the first change to CFIUS’ mandate since 2018.

“Food is a national security issue. Increasing foreign ownership of American farms and farmland is a threat to our food security,” said Costa. “We need to prevent foreign adversaries like China from undermining the American agricultural industry. This bill will ensure American agriculture is operated by American businesses.”

“Protecting national security and food security go hand in hand in our region – which is why it is vital to know who owns land around national security sites,” said Thompson“The bipartisan legislation I am introducing with Chairman Gallagher will help identify foreign actors who are seeking to purchase land near military installations while maintaining food security throughout our country.”

“The United States cannot allow foreign adversaries like the Chinese Communist Party and its proxies to acquire real estate near sensitive sites like military bases or telecom infrastructure, potentially exploiting our critical technology and endangering our servicemembers. This bill gives CFIUS jurisdiction over foreign adversary real estate transactions to guard against the threat of the CCP and other adversaries purchasing land for malign purposes, and it also encourages CFIUS to consider food security issues as it evaluates the national security risk of a given transaction,” said Gallagher. 

The Protecting U.S. Farmland and Sensitive Sites from Foreign Adversaries Act would:

  • Give CFIUS jurisdiction over all land purchases (with exceptions for real estate in urban areas and single housing units) by foreign adversary entities.
  • Authorize CFIUS to consider U.S. food security, including via biotechnology acquisition, as a factor in its national security reviews and require the Secretary of Agriculture to have a vote in CFIUS reviews of transactions that involve farmland or agriculture technology.
  • Establish a negative presumption (“presumption of non-resolvability”) for CFIUS reviews that raises the approval threshold for CFIUS transactions by a foreign adversary entity purchasing land near sensitive sites (e.g., major military sites, acknowledged intelligence facilities, etc.)
  • Mandate CFIUS filing for foreign adversary entities making land purchases near sensitive sites. This will ensure CFIUS remains apprised of ongoing real estate purchases by foreign adversary entities.
  • Expand the list of sensitive national security sites designated for CFIUS jurisdiction.

The full text of the bill is available HERE.

Previous articleDe La Cruz Delivers Remarks at Hearing to Examine How Mandates Like ESG Distort Markets and Drive-Up Costs for Insurance and Housing
Next articleYour Dream Property in the City of Tomorrow: Luxury Apartments for Rent in Lusail