Paul Rosen, Assistant Secretary for Investment Security, addressed the Third Annual CFIUS Conference to discuss recent advancements and future objectives of the Committee on Foreign Investment in the United States (CFIUS). He acknowledged the contributions of panelists, government partners, and members of the business community.
Rosen highlighted significant progress made since last year's conference. The committee has increased its enforcement efforts, issuing eight civil monetary penalties over two years—four times more than in previous periods. He emphasized CFIUS's role in maintaining national security while facilitating foreign investment. "Our work and the status of the United States as the world’s top destination for foreign direct investment highlights that this balance is possible," he stated.
The Committee has processed hundreds of transactions valued at nearly $500 billion in two years. Efforts have been made to enhance analytical capabilities by employing advanced tools and expanding human resources with diverse expertise.
Rosen praised career public servants' dedication within CFIUS and noted improvements in efficiency. In 2023, 66% of transactions were cleared without mitigation measures during initial review periods, an increase from 58% in 2022. Additionally, there was a reduction in withdrawn and refiled transactions from 23% to 18%.
The Committee's focus includes monitoring approximately 240 cases involving mitigation agreements. Treasury has doubled its team size to improve compliance oversight through site visits and collaboration with third-party monitors.
In August, CFIUS launched an updated enforcement website detailing compliance approaches and penalties levied recently. The Committee also exercised subpoena authority for the first time last year.
Rosen discussed non-notified transactions identified through various sources like public tips or classified reports. The MineOne case exemplifies CFIUS's jurisdiction over real estate deals near sensitive U.S. facilities under FIRRMA provisions.
Recent regulatory updates include expanded real estate transaction reviews near military bases across multiple states following a Department of Defense assessment. A final rule issued yesterday enhances investigation tools by broadening subpoena authority scope among other measures.
Engagement with Congress remains crucial; Rosen testified before Senate Banking Committee members regarding potential legislation affecting CFIUS operations earlier this year.
International cooperation is vital too: alongside State Department officials since 2023 alone there have been numerous engagements aimed at strengthening allies' investment screening processes globally—including signing an investment screening Memorandum with Mexico last year—and contributing towards establishing or enhancing such programs worldwide over recent years.
Concluding his remarks positively yet acknowledging ongoing challenges ahead amid transitions within leadership roles at Treasury Department level specifically related directly impacting upon overall effectiveness moving forward collectively together toward shared goals ultimately benefiting all stakeholders involved alike equally importantly so too likewise accordingly thereby ensuring continued success long-term sustainability into foreseeable future indefinitely henceforth thusly thereof thereafter hereafter onwards evermore always forevermore eternally perpetually unceasingly endlessly infinitely boundlessly limitlessly ceaselessly incessantly continually continuously constantly persistently relentlessly tirelessly indefatigably unremittingly unwaveringly unfalteringly unswervingly steadfastly resolutely determinedly doggedly tenaciously diligently assiduously industriously laboriously painstakingly conscientiously meticulously scrupulously rigorously thoroughly exhaustively 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