CFIUS Laws and Guidance

CFIUS operates pursuant to section 721 of the Defense Production Act of 1950, as amended (section 721), and as implemented by Executive Order 11858, as amended, and the regulations at chapter VIII of title 31 of the Code of Federal Regulations.

CFIUS legislation, regulations, executive orders, guidance, and other policy documents can be found below.

CFIUS Legislation

The authority of the President to suspend or prohibit certain transactions was initially provided by the addition of section 721 to the Defense Production Act of 1950 by a 1988 amendment commonly known as the Exon-Florio amendment.  Section 721 was substantially revised by the Foreign Investment and National Security Act of 2007 (FINSA), which became effective October 24, 2007, and the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which became effective August 13, 2018.  Section 721 of the Defense Production Act of 1950, as amended, is codified at 50 U.S.C. 4565.

CFIUS Regulations

In Executive Order 11858, as amended, the President directs the Secretary of the Treasury to issue regulations implementing section 721.  The regulations governing the CFIUS review process are codified at chapter VIII of title 31 of the Code of Federal Regulations (C.F.R.). 

Additional resources: 

CFIUS Executive Orders

Executive Order 11858, wholly amended by Executive Order 13456 on January 23, 2008, defines the relationship among CFIUS agencies and between CFIUS and the President. 

Executive Order 14083. On September 15, 2022, President Biden issued Executive Order 14083 reflecting the evolving national security threat landscape and underscoring the critical role of the Committee on Foreign Investment in the United States in responding to new and emerging threats and vulnerabilities in the context of foreign investment. The Executive Order elaborates and expands on the existing list of factors that CFIUS considers, as appropriate, when reviewing transactions for national security risks, and describes potential national security implications in key areas. 

CFIUS Guidance

The Department of the Treasury, as CFIUS chair, published Guidance Concerning the National Security Review Conducted by CFIUS in the Federal Register on December 8, 2008. 

The guidance describes the purpose and nature of the CFIUS process, how CFIUS analyzes whether a transaction poses national security risks, national security factors identified by FINSA, and the types of transactions that CFIUS has reviewed that have presented national security considerations.

Historical references

The documents listed below are provided solely for historical reference.