In the February 2025 America First Investment Policy, President Trump called for the creation of an expedited “fast track” process to facilitate greater investment in the United States from allies and partners. In May 2025, the Treasury Department announced its intention to create a “Known Investor Program” in furtherance of the President’s directive, whereby CFIUS would collect information from foreign investors who choose to participate in advance of receiving a formal filing with the aim of increasing efficiencies in the national security due diligence process. Collecting and assessing information about a foreign investor in advance of receiving a formal filing is intended to enable CFIUS to more efficiently review the transaction and conduct its risk-based analysis once the transaction is filed and reach a final outcome.
Background from the America First Investment Policy
The America First Investment Policy directs Treasury and CFIUS to preserve an open investment environment while improving the speed and precision of national security reviews. The Known Investor Program advances this objective by collecting standardized baseline information up front from repeat filers and trusted investors.
Known Investor Pilot Program
As an initial step, the Treasury Department launched a Known Investor Pilot Program. Since May 2025, CFIUS has engaged with a representative sample of foreign investors who are among the most frequent repeat filers with CFIUS and are from different countries of origin. These participants have been asked, voluntarily and confidentially, to complete a questionnaire that builds upon, and is more extensive than, the information requirements for foreign investors submitting filings under the current CFIUS regulations. The requested information was developed to assist CFIUS in enhancing efficiencies in its review of future filings submitted by the foreign investors. These participants have also been asked to share thoughts and suggestions about the ways in which CFIUS can increase efficiencies in the case review process.
Request for Information
In February 2026, the Treasury Department issued a Request for Information (RFI) seeking public input on the Known Investor Program and how CFIUS may streamline aspects of its foreign investment review process, while maintaining its rigorous analysis that identifies and addresses national security risk that can accompany foreign investment. The RFI provides stakeholders the opportunity to provide input into the development of the Known Investor Program as well as share feedback on additional areas where CFIUS may increase efficiencies and enhance its processes related to case reviews, non-notified transactions, mitigation, and monitoring and enforcement.
Submit comments through the Known Investor Program RFI docket.