S. 1388 — PROTECT Act of 2025

This section expands the definition of covered transaction under the Committee on Foreign Investment in the United States (CFIUS) to include greenfield and brownfield investments—proposed or pending after enactment—by a foreign person involving the purchase, lease, or concession of U.S. real estate to establish a factory or other facility, if control of the business could result from the government of a foreign country of concern (as defined in 42 U.S.C. 19221(a), i.e., China, North Korea, Russia, Iran, or others designated by the Department of State), an entity owned or controlled by such government, or related entities with a direct or indirect 5% or greater interest (including through arrangements to act in concert) or appointment rights over board members or officers. (Thus, CFIUS reviews such transactions for national security risks alongside other real estate transactions near sensitive sites.) It further requires mandatory filing of declarations for these transactions.