S.1388

PROTECT Act of 2025 mandates review of foreign investments in U.S. real estate by CFIUS.

The PROTECT Act of 2025 amends the Defense Production Act of 1950 to require the Committee on Foreign Investment in the United States (CFIUS) to review certain foreign investments in U.S. real estate. Specifically, it expands the definition of "covered transaction" to include investments by foreign persons that involve the purchase or lease of U.S. real estate and could result in control by a foreign government of concern. The bill also mandates that parties to such transactions submit declarations to CFIUS.