About CFIUS

Mission

The Committee on Foreign Investment in the United States (CFIUS) is an interagency committee authorized to review certain transactions involving foreign investment in the United States to determine their effect on national security.

CFIUS operates pursuant to section 721 of the Defense Production Act of 1950, as amended (section 721), and as implemented by Executive Order 11858, as amended, and the regulations at chapter VIII of title 31 of the Code of Federal Regulations.

Legal Authorities

• Section 721 of the Defense Production Act of 1950 - The primary statutory authority for CFIUS.
• Executive Order 11858 - Establishes CFIUS and delegates presidential authority.
• 31 C.F.R. Part 800 - Regulations pertaining to certain investments in the United States by foreign persons.
• 31 C.F.R. Part 801 - Regulations pertaining to pilot program for certain investments in the United States by foreign persons.
• 31 C.F.R. Part 802 - Regulations pertaining to certain transactions by foreign persons involving real estate in the United States.

FIRRMA

The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) was signed into law on August 13, 2018. FIRRMA strengthens and modernizes CFIUS to address national security concerns more effectively, including by broadening the authorities of the President and CFIUS to review and take action to address any national security concerns arising from certain non-controlling investments and real estate transactions involving foreign persons.

On January 13, 2020, the Department of the Treasury released two final regulations to implement the changes that FIRRMA made to CFIUS’s jurisdiction and processes. The regulations became effective on February 13, 2020.

Executive Order 14083

On September 15, 2022, President Biden issued Executive Order 14083 reflecting the evolving national security threat landscape and underscoring the critical role of CFIUS in responding to new and emerging threats in the context of foreign investment.

The Executive Order elaborates and expands on the existing list of factors that CFIUS considers when reviewing transactions for national security risks, and describes potential national security implications in key areas.

Member Agencies

CFIUS is chaired by the Secretary of the Treasury. The following departments and offices are members:

• Department of the Treasury (Chair)
• Department of Justice
• Department of Homeland Security
• Department of Commerce
• Department of Defense
• Department of State
• Department of Energy
• Office of the U.S. Trade Representative
• Office of Science and Technology Policy

The following offices also observe and, as appropriate, participate in CFIUS activities:

• Office of Management and Budget
• Council of Economic Advisers
• National Security Council
• National Economic Council
• Homeland Security Council

Contact Information

For CFIUS-related inquiries, please contact the Office of Investment Security at the Department of the Treasury:

• CFIUS@treasury.gov

Confidentiality

Section 721 of the Defense Production Act of 1950, as amended, mandates confidentiality protections with respect to information filed with the Committee. It prohibits the Committee from publicly disclosing any information filed with the Committee, subject to limited exceptions.

Information and documentary material filed with the Committee are also exempt from disclosure under the Freedom of Information Act, 5 U.S.C. § 552. Consistent with section 721, the Committee does not publicly confirm or deny that a transaction has been notified to CFIUS.