T
he US Treasury Department has issued a final rule expanding its review of real estate transactions by foreign entities near military bases and installations across 30 states. This move comes as part of an ongoing effort to address concerns about foreign purchases of farmland, which have been a contentious issue in the agricultural sector.

    A notable example of this concern dates back to a Chinese entity's plan to develop a processing facility near a base in Grand Forks, North Dakota. The Treasury Department has stated that its goal is to protect national security and safeguard military installations from external threats through enhanced review processes.

    The new rule will significantly increase the Treasury Department's ability to thoroughly examine real estate transactions near bases, allowing it to deter and prevent foreign adversaries from gathering intelligence or posing a threat to US Armed Forces. Assistant Secretary for Investment Security Paul Rosen described the final rule as a significant milestone in safeguarding critical military installations.

    The list of affected installations can be found in the Federal Register notice. This expansion of Treasury Department jurisdiction highlights its efforts to adapt to evolving national security threats and address concerns related to foreign investment.