If the Foreign Investment Committee takes a closer look at Fufeng’s proposed project in Grand Forks, local leaders expect a quick return on the findings. City Attorney Dan Gaustad says he was told CFIUS typically responds within 30 to 45 days.
US Senators John Hoeven and Keven Cramer have called for a full review of the land purchase because of the company’s ties to China. Governor Doug Burgum also called for a federal analysis of the corn milling project. Opponents raised fears of spying due to its proximity to Grand Forks Air Force Base.
Sen. Cramer says the action only supports those initiated by the City of Grand Forks. “The first entity to request CFIUS review is the City of Grand Forks. Grand Forks leaders asked the Committee on Foreign Investment in the United States to review the investment. Even though agricultural investments are largely exempt from CFIUS. »
When asked this week if the city should suspend work on the project pending federal review, Gaustad said no from a financial standpoint. “The letter of credit is in place. We have worded it the way if there is a default/termination where a condition is not met, that is what the letter is intended to do.
Cramer says the CFIUS findings won’t be a clear yes or no decision — but will provide a risk assessment that will allow local leaders to make an intelligent decision.