Reciprocity and Fairness in Foreign Investment Act - Permits a foreign person owned, in whole or in part, or controlled by a foreign government to acquire ownership in either a business, or in real property in the United States, but only to the same extent as that foreign government allows U.S. persons to acquire ownership in comparable enterprises organized under the laws of that foreign country.
Subjects investment and operation of critical infrastructure in the United States by such a foreign person to the same reciprocity requirements.
Directs the Secretary of the Treasury to issue implementing regulations.
Establishes civil penalties for violations of this Act.