The Treasury Department on Friday issued a final rule expanding its review of real estate transactions by foreign persons near more than 60 military bases and installations across 30 states. 

Real estate near military installations has been an agricultural issue since a Chinese entity planned to develop a processing facility near a base close to Grand Forks, N.D. Opposition to foreign purchases of farmland has come up across the country. 

In a news release, Treasury said, “as chair of the Committee on Foreign Investment in the United States (CFIUS), in close coordination and cooperation with the U.S. Department of Defense, on Friday issued a final rule that significantly expands its ability to review certain real estate transactions by foreign persons near more than 60 military bases and installations across 30 states.”

“The Biden-Harris administration will continue to use our strong investment screening tools to advance America’s national security and protect our military installations from external threats,” said Treasury Secretary Janet Yellen.

“This final rule will significantly increase the ability of CFIUS to thoroughly review real estate transactions near bases and will allow us to deter and stop foreign adversaries from threatening our Armed Forces, including through intelligence gathering.”

“Today’s final rule is a significant milestone in safeguarding critical U.S. military and defense installations,” said Assistant Secretary for Investment Security Paul Rosen.

“The expansion of CFIUS jurisdiction around more than 60 military installations across 30 states highlights the work of CFIUS to be nimble and responsive to the evolving nature of the threats we face in the context of foreign investment that raises national security concerns.”

The list of the installations may be found in the Federal Register notice at https://home.treasury.gov/system/files/206/FINALCFIUSrealestatefinalruleforpublication.pdf.