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B-331773 1 (2020-02-03)

handle is hein.gao/gaobaeaqy0001 and id is 1 raw text is: cAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-331773 February 3, 2020 The Honorable Chuck Grassley Chairman The Honorable Ron Wyden Ranking Member Committee on Finance United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Ranking Member Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Office of Investment Security: Provisions Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury (Treasury), Office of Investment Security entitled Provisions Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States (RIN: 1505-AC63). We received the rule on January 17, 2020. It was published in the Federal Register as final rule; interim rule with request for comments on January 17, 2020. 85 Fed. Reg. 3158. The effective date of both the final and interim rule is February 13, 2020. The final rule establishes regulations to implement the provisions relating to real estate transactions in section 721 of the Defense Production Act of 1950, as amended by the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). Pub. L. No. 115-232, div. 8, title XVII, subtitle A., 132 Stat. 1636, 2173 (2018). According to Treasury, the rule sets forth the scope of, and process and procedures relating to, the national security review by the Committee on Foreign Investment in the United States of certain transactions involving the purchase or lease by, or concession to, a foreign person of certain real estate in the United States. The interim rule also adds a new definition for the term principal place of business. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its reasons in the rule issued. 5 U.S.C. § 808(2). Treasury found good cause to waive the 60-day delay because the provisions of FIRRMA the final rule implements will become effective on February 13, 2020, regardless of whether the rule is published and effective. According to

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