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High-Tech Law & Litigation Blog

  • 14
  • November
  • 2017

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Trumping Up CFIUS? Proposed Legislation Expands CFIUS Reviews To Include a Wide Variety of Technology Transactions

Section 721 of the Defense Production Act of 1950 (the “DPA”) authorizes the President of the United States and the Committee on Foreign Investment in the United States (the “Committee” or “CFIUS”) to take such action to protect the national security with regard to any transaction in which a foreign person could obtain control of a U.S. business (a “Covered Transaction”). Practitioners generally believe that CFIUS has and wields broad and effective authority to protect the national security of the United States. However, Senator John Cornyn (R-Texas) and key figures within the Administration apparently do not share that view, as on November 8, 2017, Senator Cornyn and a bipartisan group of co-sponsors introduced the Foreign Investment Risk Review Modernization Act of 2017 to amend the DPA (the “Amendment”). If enacted, the Amendment will significantly expand the authority of CFIUS by broadening the types of transactions that CFIUS is able to review and lengthening the list of factors that CFIUS is to take into account when assessing the impact of a transaction on the national security of the United States.

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Contributors

Jason A. Levine

Jason A. Levine Partner

Jennifer C. Chen

Jennifer C. Chen Partner

Devika Kornbacher

Devika Kornbacher Partner

Danny Tobey

Danny Tobey Partner

William R. Vigdor

William R. Vigdor Partner

Marc A. Fuller

Marc A. Fuller Counsel

John Andren

John Andren Associate

Thomas W. Bohnett

Thomas W. Bohnett Associate

Megan Coker

Megan Coker Associate

Caroline Colpoys

Caroline Colpoys

Trey Hebert

Trey Hebert Associate

Keeney, Jeremy C.

Jeremy C. Keeney Associate

Howard Lithaw Lim Associate

Kimberly R. McCoy

Kimberly R. McCoy Senior Associate

Elizabeth Krabill McIntyre

Elizabeth Krabill McIntyre Senior Associate

David C. Smith

David C. Smith Senior Associate

Janice Ta

Janice Ta Senior Associate

Margaret D. Terwey

Margaret Dunlay Terwey Associate

Ryan B. Will

Ryan Will Associate

Siho (Scott) Yoo

Siho (Scott) Yoo Senior Associate