Press Releases

Treasury Releases CFIUS Annual Report for 2021

WASHINGTON — The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released the public version of its Annual Report to Congress for calendar year 2021.

The Annual Report highlights key indicators of the CFIUS process and provides statistics on transactions that were filed with CFIUS in 2021, the first full year since the regulations implementing the Foreign Investment Risk Review Modernization Act of 2018 were finalized.  Among other things, the Annual Report details measures taken to address national security risks arising from covered transactions.

“This year’s Annual Report demonstrates that CFIUS is reviewing a record number of transactions and taking important and necessary measures to safeguard national security, while also quickly clearing benign investments,” said Assistant Secretary for Investment Security Paul Rosen.  “The report also reflects a growing number of potential non-notified transactions that CFIUS proactively identified, as well as increasingly complex transactions, particularly those involving data.”

Key highlights from 2021 include the following:

  • CFIUS reviewed a record number of covered transactions, including 164 declarations and 272 notices.
  • CFIUS cleared an all-time high of nearly 60 percent of cases in either the 30-day assessment period for a declaration or the initial 45-day review period for a notice.
  • CFIUS continued to work with transaction parties to begin its review of transactions in a timely manner.  On average, CFIUS provided comments on draft notices within 6.2 business days, and accepted formal notices within 6 business days, down from 9.1 days in 2020.
  • CFIUS continued to complete action on a majority of cases without conditions, and of the total number of cases that CFIUS cleared in 2021, only ten percent involved mitigation measures.
  • There were no presidential actions taken on transactions.
  • CFIUS continues to hire talented staff to support all aspects of its work, including with respect to identifying transactions that have not been voluntarily filed with CFIUS and monitoring and enforcement activities.

The Annual Report is submitted to Congress pursuant to Section 721 of the Defense Production Act of 1950, 50 U.S.C. § 4565.

 View the full report.