Congress expands foreign-investment vetting for state-controlled real estate and factories
S. 1388 — PROTECT Act of 2025 · Filed by Bernie Moreno (R-OH) · 2 cosponsors · Introduced Apr 9, 2025 · Referred to committee
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What it does
This bill expands the Committee on Foreign Investment in the United States (CFIUS) authority to review foreign real-estate and factory investments by governments of concern (and entities they control). It requires mandatory filing of declarations for greenfield and brownfield investments—new construction or redevelopment projects—by foreign state actors, closing a gap in current oversight that allows such investments to proceed without CFIUS review.
Why we flagged it
The bill's core mechanism is expanding CFIUS jurisdiction over greenfield and brownfield real-estate and industrial investments by foreign state actors. It is a regulatory expansion designed to close a perceived gap in national-security review authority, not a tax provision, subsidy, or commemorative measure.
What the text implies
- The definition of 'control' includes informal arrangements to act in concert, which may be difficult to detect and prove, potentially creating enforcement uncertainty and litigation risk.
- The 5% ownership threshold and 3-year lookback for indirect government interest may capture legitimate foreign private investment if government entities hold minority stakes, broadening the scope beyond direct state control.
The full analysis lists 5 implications of this text.
Who stands to gain
U.S. real-estate developers and domestic construction firms (reduced foreign competition for greenfi; Domestic manufacturing and industrial operators (reduced foreign state-controlled competition)