[Congressional Record Volume 164, Number 41 (Thursday, March 8, 2018)]
[Senate]
[Pages S1584-S1585]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2156. Mr. RUBIO (for himself and Mr. Sasse) submitted an amendment 
intended to be proposed by him to the bill S. 2155, to promote economic 
growth, provide tailored regulatory relief, and enhance consumer 
protections, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end of title V, add the following:

     SEC. 504. REPORT ON FOREIGN INVESTMENT IN REAL ESTATE IN THE 
                   UNITED STATES.

       (a) In General.--Not later than one year after the date of 
     the enactment of this Act, the Secretary of the Treasury, in 
     consultation with the Secretary of Commerce, shall submit to 
     the appropriate congressional committees a report on foreign 
     investment in real estate in the United States that includes 
     the following:
       (1) For each of the 30 years preceding such date of 
     enactment, an estimate of the following:
       (A) The total amount of foreign investment in real estate 
     in the United States.
       (B) The amount of investment described in subparagraph (A), 
     disaggregated by--
       (i) each of the 10 foreign countries from which the most 
     such investment originates;
       (ii) each covered foreign country; and
       (iii) investment by public and private entities.
       (C) The total amount of foreign investment in real estate 
     in the United States in the 20 metropolitan statistical areas 
     with the most such investment.
       (D) The amount of investment described in subparagraph (C), 
     disaggregated by--
       (i) each of the metropolitan statistical areas described in 
     that subparagraph;
       (ii) each covered foreign country; and
       (iii) investment by public and private entities.
       (E) The total amount of foreign investment in real estate 
     in the United States in the 10 States with the most such 
     investment.
       (F) The amount of investment described in subparagraph (E), 
     disaggregated by--
       (i) each of the States described in that subparagraph;
       (ii) each covered foreign country; and

[[Page S1585]]

       (iii) investment by public and private entities.
       (2) An estimate of the percentage of the average home price 
     in the metropolitan statistical areas described in paragraph 
     (1)(C) attributable to foreign investment in real estate.
       (3) An estimate of the percentage of the average home price 
     in the States described in paragraph (1)(E) attributable to 
     foreign investment in real estate.
       (b) Definitions.--In this section:
       (1) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means--
       (A) the Committee on Banking, Housing, and Urban Affairs 
     and the Committee on Foreign Relations of the Senate; and
       (B) the Committee on Financial Services and the Committee 
     on Foreign Affairs of the House of Representatives.
       (2) Covered country.--The term ``covered country'' means--
       (A) Argentina;
       (B) Brazil;
       (C) Canada;
       (D) Colombia;
       (E) Germany;
       (F) Japan;
       (G) Norway;
       (H) the People's Republic of China;
       (I) Singapore;
       (J) South Korea;
       (K) Switzerland;
       (L) the United Arab Emirates; and
       (M) Venezuela.
       (3) Metropolitan statistical area.--The term ``metropolitan 
     statistical area'' has the meaning given that term by the 
     Office of Management and Budget.
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