A bill to require the Committee on Foreign Investment in the United States to review any purchase or lease of real estate near a military installation or military airspace in the United States by a foreign person connected to or subsidized by the Russian Federation, the People's Republic of China, the Islamic Republic of Iran, or the Democratic People's Republic of Korea, and for other purposes.

Bill 119 s 197, also known as the Real Estate Foreign Investment Review Act, aims to enhance national security by requiring the Committee on Foreign Investment in the United States (CFIUS) to review any purchase or lease of real estate near a military installation or military airspace in the United States by a foreign person connected to or subsidized by certain countries deemed as potential threats to US security. These countries include the Russian Federation, the People's Republic of China, the Islamic Republic of Iran, and the Democratic People's Republic of Korea.

The bill seeks to prevent foreign entities from acquiring or leasing real estate in close proximity to sensitive military locations, which could pose a risk to national security. By mandating CFIUS review for such transactions, the legislation aims to ensure that potential threats are identified and addressed before they can compromise US military operations or infrastructure.

In addition to the review requirement, the bill also includes provisions for other purposes related to national security and foreign investment. These additional measures are intended to strengthen the oversight of foreign investment in the US real estate market, particularly in areas near military installations or airspace. Overall, Bill 119 s 197 represents a proactive approach to safeguarding national security interests by closely monitoring foreign investment activities that could potentially pose a threat to US military operations and infrastructure.