On November 1, 2024, the U.S. Department of the Treasury, in its role as Chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued a final rule expanding its authority to review certain real estate transactions provided under the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). FIRRMA authorizes CFIUS to review real estate transactions by foreign persons that involve properties in close proximity to a U.S. military installation or other facility or property of the U.S. Government, in the interest of national security. The final rule adds nearly 60 military bases and installations across 30 states to the list of military facilities subject to CFIUS’s jurisdiction and continues its jurisdiction over nearly 10 facilities that were already listed.
The final rule was issued in close cooperation with the U.S. Department of Defense, a member of CFIUS that regularly assesses military bases and installations for possible national security considerations. According to the Department of Treasury, the final rule will come into effect 30 days after publication in the Federal Register.
U.S. Department of Treasury Press Release | U.S. Department of Treasury CFIUS Policy Issues | Federal Register