CFIUS (Committee on Foreign Investment in the United States) is an interagency U.S. government committee that reviews foreign investments for national‑security risks. It operates under section 721 of the Defense Production Act (and FIRRMA) and is chaired by the Secretary of the Treasury. Its nine voting member agencies typically are: Treasury (chair), State, Defense, Justice, Commerce, Energy, and Homeland Security, plus the Office of the U.S. Trade Representative and the Office of Science and Technology Policy; the Office of the Director of National Intelligence and the Department of Labor serve as ex‑officio/non‑voting members (other agencies/staff also participate as needed).
The Known Investor Program (KIP) is a Treasury/CFIUS effort to collect information from eligible foreign investors in advance of a transaction notice so CFIUS can do more upfront due diligence and increase process efficiency. It is a pre‑filing ‘known investor’ registration/pre‑vetting step and a pilot is underway; KIP does not replace or change CFIUS’s statutory jurisdiction or the requirement to submit formal notices/declarations when required — parties still must file a formal CFIUS notice or complete a declaration under the regulations for covered transactions.
An RFI (Request for Information) is an official solicitation inviting public comments and data to inform agency policy development. After the comment period closes, the agency reviews submissions, analyzes public input, may revise program design or draft rules, and may issue further guidance, pilot changes, proposed rules, or a final rule depending on next steps and statutory requirements.
‘Streamlining’ could shorten administrative steps and improve pre‑filing triage (for example via KIP pre‑vetting or case‑management improvements), which may reduce overall calendar time for routine cases; but CFIUS says it will keep its rigorous national‑security analysis and the statutory review phases (notice/assessment/investigation) remain available — streamlining may speed process for lower‑risk transactions but would not eliminate in‑depth reviews when national‑security risks are identified.
CFIUS invites broad stakeholder input. Likely commenters include foreign investors and investment funds (especially from allied/partner countries), U.S. target companies, corporate counsel and deal advisers, trade and industry groups, national‑security and civil‑liberties advocates, compliance/third‑party monitoring firms, and academic or policy researchers — essentially any party with an interest in foreign investment review processes.
Treasury says KIP would collect information from participating/eligible foreign investors before a formal filing to increase due‑diligence efficiency. While details are under development and being piloted, CFIUS has sought input on investor identity, ownership and control structure, investment track record, cybersecurity and compliance practices, previous participation in CFIUS reviews, and other information that would help CFIUS assess investor risk ahead of transaction filings.
In CFIUS context: 'non‑notified transactions' are transactions that occur without a voluntary CFIUS notice (but which CFIUS can still review or investigate if it has jurisdiction); 'mitigation' refers to measures (contractual or operational) negotiated to address identified national‑security risks (e.g., information‑security controls, limits on access or governance); and 'monitoring and enforcement' are the ongoing oversight steps (monitoring compliance with mitigation terms and enforcing them, including penalties or orders for breaches) that ensure parties comply with mitigation agreements.