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[House Document 115-156]
[From the U.S. Government Publishing Office]

115th Congress, 2d Session - - - - - - - - - - - - House Document 115-
156

 
 REQUEST FOR ADDITIONAL FISCAL YEAR 2019 FUNDING FOR THE DEPARTMENT OF 
                  THE TREASURY'S DEPARTMENTAL OFFICES

                               __________

                             COMMUNICATION

                                  from

           THE DIRECTOR, THE OFFICE OF MANAGEMENT AND BUDGET

                              transmitting

A REQUEST FOR ADDITIONAL FISCAL YEAR 2019 FUNDING IN THE AMOUNT OF $13 
   MILLION FOR THE DEPARTMENT OF THE TREASURY'S DEPARTMENTAL OFFICES
   
   
   
   
   
   
   

[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]

 September 24, 2018.--Referred to the Committee on Appropriations and 
                         ordered to be printed
                         
                                    ______

                     U.S. GOVERNMENT PUBLISHING OFFICE 

79-012                        WASHINGTON : 2018
                        
                         
                         
                         
                         
                         
                         
                 Executive Office of the President,
                           Office of Management and Budget,
                                   Washington, DC, August 24, 2018.
Hon. Paul D. Ryan,
Speaker of the House of Representatives, House of Representatives,
Washington, DC.
    Dear Mr. Speaker: Protecting the Nation's most sensitive 
technology, critical infrastructure, and intellectual property 
from predatory foreign acquisition is essential to national 
security. The recent passage of the Foreign Investment Risk 
Review Modernization Act (FIRRMA) represents an historical 
legislative achievement that provides the Committee on Foreign 
Investment in the United States (CFIUS) the authorities and 
tools necessary to respond effectively to growing national 
security risks from foreign exploitation of certain investment 
structures that previously fell outside the Committee's 
jurisdiction.
    At this time, the Administration is requesting additional 
fiscal year (FY) 2019 funding in the amount of $13 million for 
the Department of the Treasury's Departmental Offices. Of this 
amount, $11 million is needed to carry out direction from the 
President to implement FIRRMA promptly and enforce it 
rigorously, and $1.5 million is needed for the Office of Tax 
Policy to support formulation and analysis of certain tax 
regulations.
    As Department of the Treasury and CFIUS agencies continue 
to review an unprecedented number of increasingly complex 
cases, the Department of the Treasury requires additional near-
term resources to begin drafting FIRRMA regulations and swiftly 
exercise new ``pilot program'' authority to address concerns 
regarding certain investments in critical technologies. These 
funds would enhance the Department of the Treasury's Office of 
Investment Security's review, investigation, policy, 
mitigation, and enforcement capabilities, and allow its Office 
of General Counsel to provide appropriate legal support.
    In short, additional FY 2019 funding would enable the 
Secretary of the Treasury, as CFIUS Chair, to more quickly 
certify that the necessary regulations, structures, personnel, 
and other resources are in place, and avoid needless delays in 
the applicability of certain FIRRMA provisions.
    The Administration looks forward to working with the 
Congress to determine any funding necessary for agencies to 
implement FIRRMA and, as appropriate, to address such needs in 
FY 2019 appropriations negotiations or in FY 2020.
    After the Administration finalized the FY 2019 Budget 
request, the Bipartisan Budget Act of 2018 was enacted, which 
significantly raised discretionary spending caps in FY 2018 and 
FY 2019. The FY 2019 Budget request included additional funding 
for a limited set of priorities, while holding non-Defense 
funding to $540 billion, or $57 billion below the non-Defense 
cap. The funding requested for the Department of the Treasury 
here fits within FY 2019 spending levels and should be 
considered as one of those priorities.
    Thank you for your consideration of this request. 
Additional details can be provided by Department of the 
Treasury and Office of Management and Budget staff The 
Administration looks forward to working with the Congress to 
further support this critical national security effort.
            Sincerely,
                                             Mick Mulvaney,
                                                          Director.

                                  [all]
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