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Exclusive: GOP Bill Allows President to Ban Foreign Land Purchases in the U.S. For 5 Years

A bill being co-led by Reps. Louie Gohmert (R-TX) and Mary Miller (R-IL) would place a five-year moratorium on foreign land purchases to protect “American sovereignty” from being “eroded.” Breitbart News exclusively obtained the bill’s text before its official introduction on Wednesday. The legislation, named the “Moratorium on Foreign Land Purchases Act,” would give the…

A bill co-led by Reps. Louie Gohmert and Mary Miller (R–IL) would put a five year moratorium on foreign land purchase to preserve “American sovereignty” .”

Breitbart News obtained the bill’s text only before Wednesday’s official introduction. The “Moratorium On Foreign Land Purchases Act” is the legislation that would allow the president to ban foreigners from purchasing public or private real property in the United States for five years after its enactment.

The bill defines a “foreign person” as “any foreign national, foreign government, or foreign entity; or any entity over which control is exercised or exercisable 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 U.S. 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 U.S. The Comptroller General would also be required to make recommendations as to how “to make it easier for United States citizens and harder for foreign persons to purchase real estate located in the United States, including farm land,” and to provide a percentage of real estate located in the U.S. that is owned by foreign persons.

The bill lists several troubling findings as reasons to create the legislation. These include statistics about how foreign ownership is increasing housing prices for American citizens.

According to the text, foreign investors now account for almost one-third of institutional investments in single-family rental homes in the U.S. Breitbart News previously reported how global investors are “gobbling up” middle-class suburban homes, “enriching wealthy investors and turning would-be homeowners into lifetime, no-equity renters.”

The legislation says that foreign investment has increased in urban areas, leading to an increase in gentrification.

This “pushing long-time residents from their homes, including some our most vulnerable and impoverished communities,” the bill states. Additionally, “roughly 47 percent of rural renters pay a third or more of their income in rent each month. The Federal government has done nothing to help rural Americans deal with the rising costs in housing.”

The bill also calls for the EB-5 visa system, which allows foreign na

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