February 6, 2023

Volume XIII, Number 37

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February 03, 2023

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Charting the Way Forward: A Comparison of the Proposed Reforms to CFIUS

The proposed CFIUS legislation represents the most comprehensive revision since the Foreign Investment and National Security Act (FINSA) was enacted in 2007. On June 26, 2018, the U.S. House of Representatives passed H.R. 5841,[1] also known as the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). About a week prior, the U.S. Senate incorporated its version of FIRRMA into the National Defense Authorization Act for Fiscal Year 2019.[2]

These bills, once reconciled and signed by President Trump, would update the statute governing reviews of foreign investment by the Committee on Foreign Investment in the United States (CFIUS). While the changes seem monumental, most changes are ones which codify the practices applied by the Obama Administration in its later years, such as the provisions discussing real estate transactions, which should provide greater clarity to businesses seeking CFIUS review. The following chart illustrates the differences between the current legislation and the proposed House and Senate versions of the bills.


[1] Foreign Investment Risk Review Modernization Act of 2018, H.R. 5841, 115 Cong. (2018).

[2] Foreign Investment Risk Review Modernization Act of 2018, S. 2098, 115 Cong. (2018).

[3] For a full list, see http://www.dhs.gov/critical-infrastructure-sectors.

[4] P.L. 110-49.

© 2023 Dinsmore & Shohl LLP. All rights reserved.National Law Review, Volume VIII, Number 208

About this Author

David J. Lavan, Dinsmore, Corporate Litigation Attorney, SEC Registration

David is a partner in the Corporate Department who focuses his practice on all aspects of SEC registration, reporting and compliance. He routinely advises clients on public and private offerings of debt and equity, disclosure matters, corporate governance and accounting issues. As a former government bond broker, David provides clients with unique insights into the financial marketplace, counseling them on transactional and regulatory matters, as well as litigation. He represents both public and private companies, as well as independent board and committee members,...