Lawmakers press Treasury on data privacy, AI, and real-estate risks near bases
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Summary
Members raised concerns about data access in acquisitions, agentic AI transactions, and greenfield or property purchases near military bases; Treasury said these areas are priorities for CFIUS and that jurisdiction and mitigation authorities exist but confidentiality can limit public comment on specific cases.
Multiple members told the subcommittee they were particularly worried about access to sensitive U.S. personal data and the national-security implications of foreign acquisitions of land near bases and greenfield development.
Representative Foster warned that agentic AI and automated transactions may obscure human accountability and complicate beneficial-owner identification: "Agentic AI, which is coming at us fast, is going to really dominate the next decade in financial services," he said. Pilkerton agreed data and privacy are core concerns and said FIRRMA and COINS expand CFIUS authority over technology-linked risks. He added CFIUS relies on interagency expertise, law enforcement, and database access to assess such threats.
Representative Williams flagged a 2017 purchase of a trailer park within about one mile of Whiteman Air Force Base and asked whether CFIUS would typically review such transactions; Pilkerton answered that transactions near military sites are a priority and noted the NDAA included a "Protect Our Bases" provision.
Representative Kim asked about greenfield investments—parcel development intended for industrial or real-estate projects—and whether CFIUS is reviewing such purchases; Pilkerton said CFIUS has real-estate authority covering certain greenfield transactions, will assess the scope of those authorities, and acknowledged safe-harbor protections for previously cleared transactions but said non-notified transaction detection remains a priority.
Members urged Treasury to build subject-matter capacity for technology assessment; Pilkerton said one priority is to expand CFIUS' research team with PhD-level experts to create a technology center of excellence to keep pace with AI, quantum and other emerging threats.
The committee asked Treasury to follow up with specifics and to provide briefings where confidentiality permits.