Sen. John Sparkman (D.Ala.), aiming to restrict oil-rich Arabs and other foreigners from buying land in the United States, today urged the Senate to empower the U.S. government to stop “excessive purchases” by a foreign purchaser. A bill he introduced would require at least 90 days notice to the secretary of Housing and Urban Development before closing on the purchase or lease of any right, title or interest in or to natural resource land by foreigners.
Sparkman, who is chairman of the Senate Foreign Relations Committee, said that by 1985 the nations in the Organization of Petroleum Exporting Countries (OPEC) will have reserves totaling $1.2 trillion. Their income in six days would be enough to buy the Bank of America, he said.
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