Analysis: It’s time to create “The Commission on Foreign Investment and National Security” | Morgana Lewis

Given its current limitations, the Committee on Foreign Investment in the United States is poised for its next evolution – not a tweak around the edges of an existing process that continues to perpetuate limits on flexibility and certainty. essential to managing a range of interests, but a fundamental shift from a “committee” to a statutorily established “commission” comparable to others operating at the federal level, such as the Federal Communications Commission, Commerce Commission International and the United States Securities and Exchange Commission.

Since its inception nearly 50 years ago, the Committee on Foreign Investment in the United States (CFIUS or the Committee), has achieved several significant milestones. What began as an ad hoc body charged with monitoring the impact of foreign investment in the United States and coordinating the implementation of U.S. policy on such investment has evolved into a substantial apparatus, established by law and managed by the US Treasury Department. Since its inception in 1975, Congress has amended CFIUS’ underlying statute in 1988, 1993, 2007, and 2018, primarily to respond to geopolitical circumstances and to enhance the Committee’s authority and reach. In each case, the executive branch and Congress reacted to perceived threats to American interests. Today, the Committee operates under the most recent legislation, the Foreign Investment Risk Review Modernization Act of 2018, an act that strengthened various CFIUS authorities, expanded certain jurisdictions and established more specific factors to consider when assessing the national security implications of cross-border transactions. investments.

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Aurora J. William