S. 1388

Providing Rigorous Oversight Through Evaluation of Concerning Transactions Act of 2025 or the PROTECT Act of 2025 This bill requires the Committee on Foreign Investment in the United States (CFIUS) to review certain real estate investments made by a foreign country of concern in the United States. The bill defines foreign country of concern as China, North Korea, Russia, Iran, or any other country determined to be a country of concern by the Department of State. Specifically, CFIUS must review any investment by a foreign person that (1) involves the acquisition of real estate in the United States and the establishment of a U.S. business on such real estate, and (2) could result in direct or indirect control of that U.S. business by a foreign country of concern. A party to any such investment must submit to CFIUS a declaration containing basic information regarding the transaction.