Congress Considers Expanding CFIUS Oversight

On November 8, 2017, the Foreign Investment Risk Review Modernization Act (FIRRMA) was introduced in both houses of the U.S. Congress. Among other things, FIRRMA would: significantly expand CFIUS’s jurisdiction to include transactions that do not necessarily involve acquisition of control over a U.S. business, but that involve transfers of intellectual property, and licensing agreements in critical technologies and critical infrastructure areas; make certain filings mandatory, as opposed to voluntary; increase scrutiny of unspecified countries of “special concern”; lengthen the number of days allowed for CFIUS review; and provide authority for setting a filing fee that would be designed to increase the committee’s resources. Congress has held multiple hearings on CFIUS and FIRRMA since the bill’s introduction.