New rule on barriers proposed by Treasury Department.
The U.S. Treasury Department has proposed a new rule that would establish barriers for non-Americans seeking to purchase land near eight military bases. Security concerns have recently been voiced over a Chinese firm’s attempt to build a mill in South Dakota just 12 miles from a U.S. Air Force Base.
The Committee on Foreign Investment in the United States (CFIUS) will be given expanded power to evaluate proposed business deals between foreign investors and American companies. The group will the ability to block real estate sales or force changes to the venture contracts.
Senator Tom Cotton of Arkansas stated, “Chinese investments in US farmland put our food security at risk & provide opportunities for espionage against our military bases & critical infrastructure. Instead of allowing these purchases, the US government must bar the CCP from purchasing our land.”
As the Lord Leads, Pray with Us…
- For Secretary Yellen as she leads the Treasury Department.
- For treasury officials as they provide guidelines regarding the sale of U.S. land to foreign entities or individuals.
- For the Cabinet secretaries as they participate in CFIUS and make decisions surrounding foreign investments in this country.
Sources: Daily Caller, Yahoo News
