Putting FIRRMA into Practice: What CFIUS Reform Means for Foreign Investment in the United States

On August 13 President Trump signed into law the Foreign Investment Risk Review Modernization Act (FIRRMA), the first reform of the screening process for foreign investment in the United States in over a decade. The law, which updates operations of the Committee on Foreign Investment in the United States (CFIUS), will be implemented against the backdrop of potential threats to national security posed by new and emerging technologies; a rising suspicion of the motivations behind foreign investment by strategic competitors; and a global economic environment characterized by increased tensions and tit-for-tat retaliation.

Many questions around FIRRMA’s implementation remain, especially about how the new regulations will be written and implemented. Notably, enforcing agencies will have to decide what technologies will be subject to heightened scrutiny and control; whether certain countries will be exempted from this process; and if and how sensitive information provided in the context of CFIUS reviews will be shared with allies. Officials will also have to balance national security concerns with maintaining an open and welcoming investment environment in the United States. 

Please join the CSIS Simon Chair in Political Economy on the afternoon of Tuesday, September 25 for keynote remarks by Chairman Jeb Hensarling (R-TX), follwed by an expert panel discussion exploring the key open issues from FIRRMA and how the U.S. foreign investment and export control regimes will evolve.

This event is made possible by generous support from the Embassies of Australia, Canada, Germany, Japan, and New Zealand. 

Agenda:

2:00 p.m. - Event Begins

Introductions by:
John J. Hamre
President and CEO; CSIS

Matthew P. Goodman
Senior Vice President; William E. Simon Chair in Political Economy and Senior Adviser for Asian Economics; CSIS

2:15 p.m. - Keynote Speech

Chairman Jeb Hensarling (R-TX)
House Financial Services Committee

2:45 p.m. - Putting FIRRMA Into Practice: Implications for the Investment Screening Regime

Robert D. Atkinson
President; Information Technology and Innovation Foundation 

Giovanna Cinelli
Lead; International Trade, National Security and Economic Sanctions Practice; Morgan, Lewis & Brockius LLP

Jason Gudofsky
Partner; McCarthy Tétrault

Clay Lowery
Managing Director; Rock Creek Global Advisors

Hidetaka Nishimura

Director; Ministry of Economy, Trade and Industry; Government of Japan

Moderated by:
Stephanie Segal
Deputy Director and Senior Fellow; Simon Chair in Political Economy; CSIS

4:15 p.m. - Closing Keynote

Heath P. Tarbert
Assistant Secretary for International Markets and Investment Policy; U.S. Department of the Treasury

4:30 p.m. - Reception Begins