Archives: CFIUS Development

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CFIUS Pilot Program: New Mandatory Filings for Non-passive Foreign Investments

On October 10, 2018, the Committee on Foreign Investment in the United States (CFIUS) issued an interim rule, set to take effect on November 10, 2018, creating a “Pilot Program” that will require certain non-passive foreign investments to file an abbreviated “Declaration” filing with CFIUS. The rule is currently open for comments until November 10.… Continue Reading

CFIUS Reform: Understanding FIRRMA

On August 14, 2018, legislation reforming the Committee on Foreign Investment in the United States (CFIUS), the Foreign Investment Risk Review Modernization Act (FIRRMA), and dual-use export controls, the Export Controls Reform Act (ECRA), were signed into law as part of the John S. McCain National Defense Authorization Act for Fiscal Year 2019 (NDAA) (H.R. … Continue Reading

CFIUS Reform: House and Senate Committees Unanimously Clear Bills That Would Greatly Expand CFIUS Authority

On May 22, shortly before the US Memorial Day holiday weekend, the US House and Senate committees with jurisdictions over foreign investments in the US unanimously passed their respective legislations that would greatly expand the authority bestowed on the Committee on Foreign Investment in the United States (CFIUS). The bipartisan, bicameral effort introduced the Foreign … Continue Reading

US House of Representatives Holds CFIUS Hearing

On Thursday, December 14, 2017, the House Financial Services Subcommittee on Monetary Policy and Trade held a hearing titled “Examining the Operations of the Committee on Foreign Investment in the United States (CFIUS).”  The hearing focused on CFIUS’s current effectiveness, the challenges it faces in the current economic environment, and potential improvements to increase its … Continue Reading

CFIUS Reform: Proposed Legislation to Expand National Security Reviews

The Foreign Investment Risk Review Modernization Act of 2017 (“S. 2098/H.R. 4311” or FIRRMA) was introduced in the US Congress on November 8, 2017 to institute “a modernization of the processes and authorities” of the Committee on Foreign Investment in the United States (CFIUS or the “Committee”).… Continue Reading

Proposed Bill to Assess Chinese Acquisitions of US Financial Services Company and Temporarily Halt Pending Acquisitions

On November 2, 2017, Representative Christopher Smith (R-NJ), introduced a bill that would “authorize a review of financial services industry requirements of the People’s Republic of China and the implications of such requirements on national security interests of the United States.” (H.R. 4235, 115th Congress, Nov. 2, 2017).  The bill would require the Secretary of … Continue Reading

US Senate Introduces New CFIUS Legislation

On March 14, 2017, U.S. Senators Chuck Grassley (R-IA) and Debbie Stabenow (D-MI) introduced new legislation to “give top U.S. agriculture and food officials permanent representation on the Committee on Foreign Investment in the United States (CFIUS).”  (Senator Grassley Press Release, Grassley, Stabenow Introduce Bipartisan Legislation to Protect American Agricultural Interests in Foreign Acquisitions, Mar. … Continue Reading

More Power to the Committee on Foreign Investment in the United States (CFIUS)

The media has reported on various potential plans and ideas being discussed by lawmakers to further expand or improve the Committee on Foreign Investment in the United States’s (CFIUS) scope and authorities. To date, no legislation has been introduced in Congress, and only few details about what has been proposed is publicly known.  Based on … Continue Reading

Government Accountability Office Review of CFIUS

The Government Accountability Office (GAO) has issued a letter to Representative Robert Pittenger (R-NC) stating that the GAO has accepted the request to review Committee on Foreign Investment in the United States’s (CFIUS) “statutory and administrative authorities” to ensure that it has “kept pace with the growing scope of foreign acquisitions in important economic sectors … Continue Reading
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