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CFIUS Reform Legislation Introduced in Congress

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Earlier today, Senator John Cornyn (R-TX), the second-highest-ranking Republican in the Senate, introduced a bill to reform the authority and operation of the Committee on Foreign Investment in the United States (“CFIUS”). The bill is co-sponsored by Senator Dianne Feinstein (D-CA) and Senator Richard Burr (R-NC), the Chairman of the Senate Select Committee on Intelligence, among other senators. Representative Robert Pittenger (R-NC) introduced a substantially identical companion bill in the U.S. House of Representatives. The proposed legislation, which is formally titled the Foreign Investment Risk Review Modernization Act (“FIRRMA”), represents the most significant effort to reform the CFIUS process since the passage of the Foreign Investment and National Security Act of 2007 (“FINSA”), which has governed CFIUS for a decade.

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