A Chinese company has been cleared by the Biden administration to own 370 acres of land near the Grand Forks Air Force Base in North Dakota. The Treasury Department’s interagency task force Committee on Foreign Investment in the United States (CFIUS) believes the acreage is not a “covered transaction” as determined by Section 721 of the Defense Production Act of 1950.
From The Epoch Times:
The Foreign Investment Risk Review Modernization Act of 2018 authorized CFIUS to review, among other things, purchases by foreign parties of land close to “specific airports, maritime ports, or military installations.” Those military facilities are listed in an appendix to regulations. “Grand Forks Air Force Base did not make the cut,” Tonelson, who blogs at RealityChek, said. “The decision of the Congressional authors of the recent CFIUS reform to permit any foreign purchase of any land near any U.S. military installation was a clear case of legislative malpractice.” Moreover, the failure to include all military installations in the implementing regulations was a clear case of regulatory malpractice.