A bill co-led by Representatives Louie Gohmert (R-TX) and Mary Miller (R-IL) would impose a five-year moratorium on foreign land purchases to protect “American sovereignty” from erosion.
Breitbart News exclusively obtained the text of the bill ahead of its official introduction on Wednesday. The legislation, known as the Moratorium on Foreign Land Purchases Act, would give the president the power to prohibit the purchase of public or private real estate in the United States “by any foreign person” during the five-year period following the enactment of the law. .
The bill defines a “foreign person” as “any foreign national, foreign government or foreign entity; or any entity over which control is or may be exercised by a foreign national, foreign government or foreign entity. The ban would also extend to any corporation, partnership or other association created under the laws of a foreign country.
Subsequently, the Comptroller General of the United States would be required to submit a report to Congress six months after the enactment of the bill detailing the history of foreign public and private real estate purchases located in the United States. The Comptroller General would also be required to make recommendations on how “to make it easier for US citizens and more difficult for foreigners to purchase real estate located in the United States, including farmland, ”and to provide a percentage of real estate located in the United States that belong to foreigners.
The bill lists several worrying findings as the reasons for the creation of the legislation, including several statistics on how foreign ownership increases housing costs for US citizens.
According to the text, foreign investors now represent nearly a third of institutional investments in single-family rental homes in the United States.enrich wealthy investors and transform future owners into life tenants without risk capital. “
The legislation states that increased foreign investment in urban areas has led to an increase in gentrification.
It is “pushing many longtime residents out of their homes, including some of our most vulnerable and poorest communities, ”according to the bill. In addition, “rAbout 47 percent of rural tenants pay a third or more of their income in rent each month. The federal government has done nothing to help rural Americans cope with rising housing costs. “
The bill also calls for the EB-5 visa system, which allows foreign nationals to obtain green cards if they invest in specific business ventures, to be made “more stringent.”
The proposed moratorium hammers the Chinese Communist Party (CCP) and notes that Chinese nationals have reportedly directed foreign investments into American homes “for the past seven years.”
“The Chinese Communist Party is trying to buy land in the United States, with an emphasis on farmland to gain strategic leverage over the United States,” the bill continues. “Foreign companies and individuals have purchased 1.7 million acres of farmland in Texas over the past decade, which is more than any other state. The purchases are worth around $ 3.3 billion.
A particularly notable example is Chinese billionaire and CCP member Sun Guangxin, who planned to build a wind farm on the 140,000 acres he bought on the Mexican border near Laughlin Air Base. The operation likely would have tapped into the state’s electricity grid, and Texas lawmakers have blocked the project for fear of hacking.
The legislation is similar – although much broader – to another bill that Representative Chip Roy (R-TX) introduced in June 2021. The bill, titled “Securing America’s Land from Foreign Interference Act”, would give President’s power to ban Chinese Communists Party members from buying public or private real estate in the United States
Katherine Hamilton is political reporter for Breitbart News. You can follow her on Twitter.