Committee on Foreign Investment in the United States
Committee on Foreign Investment in the United States : The Committee on Foreign Investment in the United States, CFIUS, was created in 1975 to provide guidance on arrangements with foreign governments for advance consultations on prospective major foreign governmental investments in the United States, and to consider proposals for new legislation or regulation relating to foreign investment. The authority was amended by Section 5021 (the Exon-Florio provision) of the Omnibus Trade and Competitiveness Act of 1988 (Section 721 of the Defense Production Act), which gives the President authority to review mergers, acquisitions, and takeovers of U.S. companies by foreign interests and to prohibit, suspend, or seek divestiture in the courts of investments that may lead to actions that threaten to impair the national security. By Executive Order in December 1988, Treasury has authority to implement the Exon-Florio provision. CFIUS has 11 members: the Secretaries of the Treasury (the chair), State, Defense, and Commerce, the chairman of the Council of Economic Advisors, the U.S. Trade Representative, the Attorney General, the Director of the Office of Management and Budget, the Director of the Office of Science and Technology Policy, the Assistant to the President for National Security Affairs, and the Assistant to the President for Economic Policy. The Assistant Secretary for Trade Development serves as Commerce's representative to CFIUS. The Commerce working group is chaired by the International Trade Administration and includes the Bureau of Export Administration, the Economics and Statistics Administration, the Technology Administration, and the Office of the General Counsel. See: Exon-Florio Foreign Direct Investment in the United States
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