SB 17 - Hostile Foreign Property Ownership

SB 17 is a prudent measure that seeks to protect Texas’ economic and national security interests by preventing hostile foreign entities from acquiring key real property and natural resources. This safeguards long-term economic stability, prevents foreign exploitation or reliance, and protects against hostile entities with deep pockets and financial backing from buying up land or homes, taking away opportunities for citizens or future citizens. Ultimately, SB 17 reinforces economic sovereignty, national security. However, SB 17 should be amended, including closing a potential loophole where individuals from hostile nations could still purchase real property if they are not “domiciled” in the hostile country. Additionally, the bill should be amended with stricter financial or criminal penalties, so that foreign entities do not view the risk of getting caught violating the provisions of the bill as simply the “cost of doing business.” Nonetheless, TFR supports SB 17, with amendments.