S.Amdt. 2156

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.
______