COMMITTEE ON 

FOREIGN INVESTMENT 

IN THE UNITED STATES

ANNUAL REPORT TO CONGRESS

Report Period: CY 2022
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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CFIUS ANNUAL REPORT TO CONGRESS

REPORT PERIOD: CY 2022
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TABLE OF CONTENTS

MESSAGE FROM ASSISTANT SECRETARY OF THE TREASURY PAUL ROSEN .......................................................... viii

THE COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES ................................................................... ix

SECTION I: COVERED TRANSACTIONS ....................................................................................................................1

Introduction ..............................................................................................................................................................1

A. Information Regarding 2022 Covered Transaction Declarations .....................................................................4

1. Information Regarding 2022 Covered Transaction Declarations.................................................................5

2. Covered Transaction Declarations by Country or Economy, 2020-2022 ...................................................15

3. Information on Committee Turnaround for Acceptance ...........................................................................17

4. Waivers Granted of Mandatory Filing Requirements ................................................................................18

B. Information Regarding 2022 Covered Transaction Notices ...........................................................................19

C. Specific, Cumulative, and Trend Data for Covered Transactions, Withdrawals, and Investigations..............20

1. Committee Turnaround of Comments, Acceptance, Notices ....................................................................22

D. Covered Notices by Business Sector and Country ..........................................................................................23

1. Covered Notices by Business Sector of U.S. Companies, 2013-2022.........................................................23

2. Covered Transaction Notices by Country or Economy, 2020-2022 ...........................................................39

E. Withdrawn Notices.........................................................................................................................................44

F. Mitigation Measures and Conditions .............................................................................................................45

G. Perceived Adverse Effects of Covered Transactions ......................................................................................47

H. Compliance Plans and Assessment of Compliance with Mitigation Agreements and Conditions .................51

I. Non-Notified Transactions..............................................................................................................................52

J. Committee Hiring ...........................................................................................................................................53

SECTION II: CRITICAL TECHNOLOGIES................................................................................................................... 54

A. Whether There is Credible Evidence of a Coordinated Strategy to Acquire Critical Technology Companies 55

1. Key Judgments ...........................................................................................................................................55

2. Summary of Foreign M&A Activity in the United States............................................................................55

3. Frequency of Activity by Countries and Companies ..................................................................................56

B. Whether Foreign Governments used Espionage Activities to Obtain Commercial Secrets Related to Critical 

Technologies ...........................................................................................................................................................59

1. Key Finding .................................................................................................................................................59

SECTION III: FOREIGN DIRECT INVESTMENT IN THE UNITED STATES BY COUNTRIES THAT BOYCOTT ISRAEL OR DO 

NOT BAN TERRORIST ORGANIZATIONS................................................................................................................ 60

A. Summary of Findings and Conclusions of Study.............................................................................................61

B. Study Methodology ........................................................................................................................................62

1. Identification of Relevant Countries ..........................................................................................................62
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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2. Scope of Foreign Direct Investment...........................................................................................................63

C. Detailed Findings of Study ..............................................................................................................................64

1. Identification of the Subject M&A Transactions........................................................................................64

2. National Security Effects of the Subject M&A Transactions ......................................................................65

APPENDIX ............................................................................................................................................................ 66
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• DEPARTMENT OF THE TREASURY

WASHINGTON, D.C. 

MESSAGE FROM ASSISTANT SECRETARY OF THE TREASURY PAUL ROSEN 

On behalf of the Committee on Foreign Investment in the United States (CFIUS or the Committee), I am 

pleased to issue publicly the CFIUS Annual Report to Congress (the Report) covering calendar year 2022. 

The Report responds to the requirements set out in statute at section 721(m) of the Defense Production 

Act of 1950, as amended, and highlights key indicators of CFIUS's activities and process, including the 

complexity and volume of cases before the Committee. 

The Report demonstrates that CFIUS's caseload remains high, with a record number of filings in 2022. 

Transactions reviewed by CFIUS, including the technology being invested in, are increasingly complex 

and result in more national security agreements to resolve the risks identified. 

As the national security threat environment has evolved, so has CFIUS. A few notable developments 

from 2022 that go beyond the data in _the Report include: 

• In January 2022, the Committee identified New Zealand as an "excepted foreign state" and

determined that Australia and Canada are and will remain excepted foreign states absent

further Committee action and notice in the Federal Register;

• In June 2022, Treasury hosted the inaugural CFIUS conference, which provided the Committee

an opportunity to engage with approximately 500 stakeholders on CFIUS process, risk analyses,

and other topics;

• In September 2022, President Biden issued an executive order highlighting several national

security risk factors that the Committee shall appropriately consider when reviewing

transactions; and

• In October 2022, Treasury released its first ever enforcement and penalty guidelines, which

provide the public with information on how the Committee assesses violations of the laws and

regulations that govern transaction parties, including potential breaches of CFIUS mitigation

agreements.

While we have had a busy 2022, the work continues, and we remain focused on continuing to address 

and resolve national security risks arising from covered transactions and taking enforcement actions as 

needed to address violations of our laws and regulations. Thank you for taking the time to read about 

the important work of the Committee and for your support in our mission to protect national security. 

Sincerely, 

Assistant Secretary 

Office of Investment Security 

viii 
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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THE COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED STATES

Composition and Authority 

The Committee on Foreign Investment in the United States (CFIUS or the Committee) is an interagency 

body of the U.S. Government that is authorized by law to review and address national security risks 

arising from certain transactions involving foreign investment in the United States. The review is solely 

to determine the effect of the transaction on the national security of the United States. 

CFIUS member agencies include the Departments of the Treasury (chair), State, Defense, Justice, 

Commerce, Energy, and Homeland Security; the Office of the United States Trade Representative; and 

the Office of Science and Technology Policy within the Executive Office of the President. The Office of 

the Director of National Intelligence and the Department of Labor are ex-officio members, and five 

White House offices are observers. As needed to assess the national security effects of a transaction, 

CFIUS involves other federal government agencies in its reviews, such as the Departments of 

Transportation, Health and Human Services, and Agriculture.

CFIUS operates pursuant to section 721 of the Defense Production Act of 1950, as amended (Section 

721), and as implemented by Executive Order 11858, as amended, and the regulations at chapter VIII of 

title 31 of the Code of Federal Regulations (C.F.R.). The most recent statutory update to CFIUS 

authorities occurred in 2018 with the enactment of the Foreign Investment Risk Review Modernization 

Act of 2018 (FIRRMA), for which final implementing regulations became effective in 2020.1

In September 2022, President Biden issued E.O. 14083, “Ensuring Robust Consideration of Evolving 

National Security Risks by the Committee on Foreign Investment in the United States.” While this 

Executive Order did not change CFIUS authorities, it sharpened the Committee’s focus on two national 

security factors already codified in Section 721(f) (supply chain security and resiliency and U.S. 

technological leadership) and highlighted three additional national security factors (aggregate industry 

investment trends, cybersecurity, and sensitive data). A full discussion of risks considered by CFIUS is 

available in subsection I-G of this Report.

Process 

With the exception of certain transactions that are subject to the mandatory filing requirement 

authorized under FIRRMA, parties voluntarily submit declarations or notices of transactions to CFIUS.

CFIUS also has the authority to review pending or completed transactions even absent a voluntary filing 

by the parties if a member of the Committee has reason to believe that the transaction is subject to 

CFIUS jurisdiction and may raise national security concerns. 

CFIUS is required to complete a “review” of a notified transaction within 45 days. CFIUS may initiate an 

“investigation” that could last up to 45 additional days if CFIUS determines that it needs additional time 

to complete its assessment following the conclusion of the “review” period. 

Instead of a voluntary notice, parties may alternatively submit a declaration: an abbreviated notification 

to which the Committee must respond within a 30-day assessment period. After assessing a submitted 

1 Prior to FIRRMA, Section 721 was last amended by the Foreign Investment and National Security Act of 2007 

(FINSA).
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

x

declaration, CFIUS is authorized to (1) request that parties file a written notice; (2) inform the parties 

that the Committee is unable to conclude action with respect to the transaction on the basis of the 

declaration and that the parties may file a written notice; (3) initiate a unilateral review; or (4) notify the 

parties that the Committee has concluded all action under Section 721.

CFIUS will conclude all action with respect to a transaction if it determines that the transaction does not 

pose any unresolved national security concerns, that any national security concerns are adequately 

addressed by laws other than Section 721 and the International Emergency Economic Powers Act 

(IEEPA), or that mitigation measures agreed to or imposed by CFIUS address any unresolved national 

security concerns. If CFIUS determines that the transaction poses unresolved national security concerns, 

it will refer the transaction to the President unless the parties choose to abandon the transaction. The 

President may suspend or prohibit the transaction, including by requiring divestment. By law, the 

President has to make a decision no later than 15 days after the completion of CFIUS's investigation or 

the date on which CFIUS otherwise referred the transaction to the President. The President must 

publicly announce such a decision. 

CFIUS will seek mitigation measures or refer a transaction to the President only after such action is 

justified in a detailed written analysis of the national security risk posed by the transaction. CFIUS 

determinations are confirmed at senior levels by CFIUS member agencies. 

With limited exceptions, any transaction submitted to CFIUS for review that CFIUS determines is subject 

to its jurisdiction—i.e., a “covered transaction” or equivalent under the regulations at chapter VIII of 

title 31 of the C.F.R.—and for which it concludes all action receives a “safe harbor.” This means that 

CFIUS and the President will not subject the transaction to review again, absent certain exceptional 

circumstances (e.g., discovery of a material misstatement). 

By law, CFIUS must treat as confidential information provided to CFIUS by parties to a transaction, 

including the fact that parties have submitted a transaction for review.

This Annual Report 

This CFIUS annual report (Annual Report or Report) covers transactions filed with CFIUS in calendar year 

2022. 
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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SECTION I: COVERED TRANSACTIONS

Introduction

This section of the Annual Report has been prepared in accordance with the following information 

requirements under Section 721(m) and as applicable for the reporting period (calendar year 2022):

A. A list of all notices filed, and all reviews or investigations of covered transactions completed

during the period, with –

a. A description of the outcome of each review or investigation, including whether an

agreement was entered into or condition was imposed under Section 721(l)(3)(A) with

respect to the transaction being reviewed or investigated, and whether the President

took any action under this section with respect to that transaction; and

b. Basic information on each party to each such transaction;

c. The nature of the business activities or products of the United States business with

which the transaction was entered into or intended to be entered into; and

d. Information about any withdrawal from the process.

B. Specific, cumulative, and, as appropriate, trend information on the numbers of filings,

investigations, withdrawals, and decisions or actions by the President under Section 721;

C. Cumulative and, as appropriate, trend information on the business sectors involved in the filings 

which have been made, and the countries from which the investments have originated;

D. Information on whether companies that withdrew a notice to the Committee in accordance with

Section 721(b)(1)(c)(ii) later refiled such notices, or, alternatively, abandoned the transaction;

E. The types of security arrangements and conditions the Committee has used to mitigate national

security concerns about a transaction, including a discussion of the methods that the Committee

and any lead agency are using to determine compliance with such arrangements or conditions;

F. A detailed discussion of all perceived adverse effects of covered transactions on the national

security or critical infrastructure of the United States that the Committee will take into account

in its deliberations during the period before delivery of the next report, to the extent possible;

G. Statistics on compliance plans conducted and actions taken by the Committee under Section

721(I)(6), including subparagraph (D) of Section 721(I)(6), during that period, a general

assessment of the compliance of parties with agreements entered into and conditions imposed

under Section 721(I)(3)(A) that are in effect during that period, including a description of any

actions taken by the Committee to impose penalties or initiate a unilateral review pursuant to

Section 721(b)(1)(D)(iii), and any recommendations for improving the enforcement of such

agreements and conditions;

H. Cumulative and, as appropriate, trend information on the number of declarations filed under

Section 721(b)(1)(C)(v), the actions taken by the Committee in response to those declarations,

and the business sectors involved in those declarations, and the countries involved in those

declarations;

I. A description of –
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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a. The methods used by the Committee to identify non-notified and non-declared

transactions under Sections 721(b)(1)(H);

b. Potential methods to improve such identification and the resources required to do so;

and

c. The number of transactions identified through the process established under that

subsection during the reporting period and the number of such transactions flagged for

further review;

J. A summary of the hiring practices and policies of the Committee pursuant to Section 721(k)(4);

and

K. A list of the waivers granted by the Committee under Section 721(b)(1)(C)(v)(IV)(bb)(CC).

Subsection 721(m)(4)(B) specifies that the classified version of the Annual Report include the following 

information, as applicable: 

L. If the Committee recommended that the President suspend or prohibit a covered transaction

because the transaction threatened to impair the national security of the United States, a

notification to Congress of the recommendation.

Additionally, Section 721(m) specifies that the unclassified version of the Annual Report include the 

following information, as applicable:

 The number of notices submitted under Section 721(b)(1)(C)(i);

 The number of declarations submitted under Section 721(b)(1)(C)(v) and the number of such

declarations that were required under subclause (IV) of Section 721(b)(1)(C)(v);

 The number of declarations submitted under Section 721(b)(1)(C)(v) for which the Committee

required re-submission as notices under Section 721(b)(1)(C)(i);

 The average number of days that elapsed between submission of a declaration under Section

721(b)(1)(C)(v) and the acceptance of the declaration by the Committee;

 The median and average number of days that elapsed between acceptance of a declaration by

the Committee and a response described in Section 721(b)(1)(C)(v)(III);

 Information on the time it took the Committee to provide comments on, or to accept, notices

submitted under Section 721(b)(1)(C)(i), including –

o The average number of business days that elapsed between the date of submission of a

draft notice and the date on which the Committee provided written comments on the

draft notice;

o The average number of business days that elapsed between the date of submission of a

formal written notice and the date on which the Committee accepted or provided

written comments on the formal written notice; and

o If the average number of business days for a response by the Committee reported under

the prior sub-bullets exceeded 10 business days –
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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 An explanation of the causes of such delays, including whether such delays are 

caused by resource shortages, unusual fluctuations in the volume of notices, 

transaction characteristics, or other factors, and

 An explanation of the steps that the Committee anticipates taking to mitigate 

the causes of such delays and otherwise to improve the abilities of the 

Committee to provide comments on, or to accept, notices within 10 business 

days;

o The number of reviews or investigations conducted under Section 721(b);

o The number of investigations that were subject to an extension under Section 

721(b)(2)(C)(ii);

o Information on the duration of those reviews and investigations, including the median 

and average number of days required to complete those reviews and investigations;

o The number of notices submitted under Section 721(b)(1)(C)(i) and declarations 

submitted under Section 721(b)(1)(C)(v) that were rejected by the Committee;

o The number of such notices and declarations that were withdrawn by a party to the 

covered transaction;

o The number of such withdrawals that were followed by the submission of a subsequent

such notice or declaration relating to a substantially similar covered transaction; and

o Such other specific, cumulative, or trend information that the Committee determines is 

advisable to provide for an assessment of the time required for reviews and 

investigations of covered transactions under this section.

Sections II and III of the Report below address other information requirements under Section 721(m) 

relating to critical technologies and foreign direct investment in the United States by countries that 

boycott Israel or do not ban terrorist organizations. 
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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A. Information Regarding 2022 Covered Transaction Declarations

Any transaction2can be notified to CFIUS by declaration or notice, including certain transactions subject 

to mandatory filing requirements. During the reporting period (calendar year 2022), declarations were 

mandatory for certain control transactions and non-controlling investments in U.S. businesses that 

produce, design, test, manufacture, fabricate, or develop one or more critical technologies, consistent 

with the definitions set forth in FIRRMA. 

Additionally, declarations were mandatory for certain covered transactions if the transaction involved 

an investment that resulted in the acquisition, directly or indirectly, of a substantial interest in a “TID 

U.S. business”3 by a foreign person in which a foreign government has, directly or indirectly, a 

substantial interest.

Under FIRRMA, CFIUS is authorized to take the following actions after its assessment of submitted 

declarations for covered transactions: 

 Request that the parties file a written notice;

 Inform the parties that the Committee is unable to conclude action with respect to the 

transaction on the basis of the declaration and that the parties may file a written notice;

 Initiate a unilateral review; or

 Notify the parties that the Committee has concluded all action under Section 721.

CFIUS conducted an assessment and took one of the actions outlined above with respect to 154

declarations of covered transactions submitted in 2022. Five of these declarations were for covered real 

estate transactions under 31 C.F.R. Part 802. Based on stipulations provided by the parties, 44 

declarations were subject to mandatory filing requirements. Following a 30-day assessment:

 CFIUS requested that the parties to 50 declarations file a written notice.

 CFIUS informed the parties to 14 declarations that the Committee was unable to conclude 

action.

 CFIUS notified the parties to 90 declarations that the Committee had concluded all action under 

Section 721.

 CFIUS did not reject any declarations submitted in 2022.

 

2 Any transaction subject to the regulations implementing FIRRMA effective February 13, 2020.

3 As defined by 31 C.F.R § 800.248, which describes businesses involved with critical technologies, covered 

investment critical infrastructure, or sensitive personal data.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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1. Information Regarding 2022 Covered Transaction Declarations

Table I-1 provides cumulative information regarding covered transaction declarations submitted in 2022.

Table I-1. Covered Transaction Declarations and Withdrawals

Covered Transaction Declarations and Withdrawals, 2018-2022

Year Number of Declarations Declarations Withdrawn

2018 20 1

2019 94 1

2020 126 1

2021 164 0

2022 154 0

Total 558 3
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To provide cumulative and trend information on the business sectors involved in covered transaction 

declarations, Table I-2 provides a breakdown by subsector and NAICS code for the covered transaction 

declarations cumulatively filed with CFIUS from 2020 through 2022.4 Because NAICS codes are not 

required for covered real estate transactions, declarations filed under 31 C.F.R. Part 802 are not 

included in this table. This table does not represent overall sector trends in foreign direct investment

more broadly. 

Table I-2. Covered Transaction Declarations by Business Sector of U.S. Companies, 2020-20225

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Aquaculture 1125 112 Animal Production 

and Aquaculture

1 100% 0% 0% 100%

Oil and Gas Extraction 2111 211 Oil and Gas 

Extraction

1 100% 100% 0% 100%

Coal Mining 2121 212 Mining (except Oil 

and Gas)

2 67% 0% 0% 33%

Metal Ore Mining 2122 212 Mining (except Oil 

and Gas)

1 33% 100% 50% 50%

Nonmetallic Mineral 

Mining and Quarrying

2123 212 Mining (except Oil 

and Gas)

0 0% 0% 50% 17%

Support Activities for 

Mining

2131 213 Support Activities 

for Mining

0 0% 0% 100% 100%

Electric Power 

Generation, 

Transmission and 

Distribution

2211 221 Utilities 15 83% 90% 93% 88%

Natural Gas 

Distribution

2212 221 Utilities 3 17% 0% 0% 7%

Water, Sewage and 

Other Systems

2213 221 Utilities 0 0% 10% 7% 5%

Nonresidential 

Building Construction

2362 236 Construction of 

Buildings

1 100% 0% 0% 100%

Utility System 

Construction

2371 237 Heavy and Civil 

Engineering 

Construction

1 100% 100% 0% 100%

Building Equipment 

Contractors

2382 238 Specialty Trade 

Contractors

1 100% 0% 100% 100%

 

4

In this Report, industry sectors and subsectors are defined using 2012 and 2017 North American Industry 

Classification System (NAICS) codes of the U.S. target company. Whenever possible, the NAICS code assigned to 

each U.S. target company is based upon information provided by the parties. If no NAICS code was provided, 

CFIUS determined the most appropriate NAICS code using publicly available information.

5 Throughout this Report, figures may not add up to 100 percent due to rounding in presenting summary data.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Other Textile Product 

Mills

3149 314 Textile Product 

Mills

0 0% 100% 0% 100%

Other Wood Product 

Manufacturing

3219 321 Wood Product 

Manufacturing

1 100% 0% 0% 100%

Petroleum and Coal 

Products 

Manufacturing

3241 324 Petroleum and 

Coal Products 

Manufacturing

1 100% 100% 0% 100%

Basic Chemical 

Manufacturing

3251 325 Chemical 

Manufacturing

1 25% 0% 0% 11%

Resin, Synthetic 

Rubber, and Artificial 

Synthetic Fibers and 

Filaments 

Manufacturing

3252 325 Chemical 

Manufacturing

0 0% 50% 0% 11%

Pharmaceutical and 

Medicine 

Manufacturing

3254 325 Chemical 

Manufacturing

3 75% 50% 100% 78%

Plastics Product 

Manufacturing

3261 326 Plastics and 

Rubber Products 

Manufacturing

0 0% 100% 0% 100%

Glass and Glass 

Product 

Manufacturing

3272 327 Nonmetallic 

Mineral Product 

Manufacturing

0 0% 0% 67% 67%

Other Nonmetallic 

Mineral Product 

Manufacturing

3279 327 Nonmetallic 

Mineral Product 

Manufacturing

0 0% 0% 33% 33%

Iron and Steel Mills 

and Ferroalloy 

Manufacturing

3311 331 Primary Metal 

Manufacturing

0 0% 50% 0% 25%

Steel Product 

Manufacturing from 

Purchased Steel

3312 331 Primary Metal 

Manufacturing

0 0% 50% 100% 75%

Forging and Stamping 3321 332 Fabricated Metal 

Product 

Manufacturing

0 0% 0% 33% 6%

Architectural and 

Structural Metals 

Manufacturing

3323 332 Fabricated Metal 

Product 

Manufacturing

0 0% 14% 0% 6%

Spring and Wire 

Product 

Manufacturing

3326 332 Fabricated Metal 

Product 

Manufacturing

1 14% 0% 0% 6%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

8

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Machine Shops; 

Turned Product; and 

Screw, Nut, and Bolt 

Manufacturing

3327 332 Fabricated Metal 

Product 

Manufacturing

0 0% 0% 33% 6%

Coating, Engraving, 

Heat Treating, and 

Allied Activities

3328 332 Fabricated Metal 

Product 

Manufacturing

0 0% 57% 0% 24%

Other Fabricated 

Metal Product 

Manufacturing

3329 332 Fabricated Metal 

Product 

Manufacturing

6 86% 29% 33% 53%

Agriculture, 

Construction, and 

Mining Machinery 

Manufacturing

3331 333 Machinery 

Manufacturing

0 0% 20% 0% 9%

Industrial Machinery 

Manufacturing

3332 333 Machinery 

Manufacturing

2 29% 0% 0% 9%

Commercial and 

Service Industry 

Machinery 

Manufacturing

3333 333 Machinery 

Manufacturing

2 29% 40% 60% 41%

Metalworking 

Machinery 

Manufacturing

3335 333 Machinery 

Manufacturing

1 14% 0% 20% 9%

Engine, Turbine, and 

Power Transmission 

Equipment 

Manufacturing

3336 333 Machinery 

Manufacturing

1 14% 30% 0% 18%

Other General 

Purpose Machinery 

Manufacturing

3339 333 Machinery 

Manufacturing

1 14% 10% 20% 14%

Computer and 

Peripheral Equipment 

Manufacturing

3341 334 Computer and 

Electronic Product 

Manufacturing

0 0% 26% 38% 22%

Communications 

Equipment 

Manufacturing

3342 334 Computer and 

Electronic Product 

Manufacturing

3 21% 21% 13% 18%

Audio and Video 

Equipment 

Manufacturing

3343 334 Computer and 

Electronic Product 

Manufacturing

1 7% 0% 0% 2%

Semiconductor and 

Other Electronic 

Component 

Manufacturing

3344 334 Computer and 

Electronic Product 

Manufacturing

6 43% 37% 38% 39%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Navigational, 

Measuring, 

Electromedical, and 

Control Instruments 

Manufacturing

3345 334 Computer and 

Electronic Product 

Manufacturing

4 29% 16% 13% 18%

Electrical Equipment 

Manufacturing

3353 335 Electrical 

Equipment, 

Appliance, and 

Component 

Manufacturing

1 100% 0% 0% 25%

Other Electrical 

Equipment and 

Component 

Manufacturing

3359 335 Electrical 

Equipment, 

Appliance, and 

Component 

Manufacturing

0 0% 0% 100% 75%

Motor Vehicle 

Manufacturing

3361 336 Transportation 

Equipment 

Manufacturing

1 13% 0% 17% 11%

Motor Vehicle Parts 

Manufacturing

3363 336 Transportation 

Equipment 

Manufacturing

0 0% 0% 8% 4%

Aerospace Product 

and Parts 

Manufacturing

3364 336 Transportation 

Equipment 

Manufacturing

6 75% 86% 58% 70%

Railroad Rolling Stock 

Manufacturing

3365 336 Transportation 

Equipment 

Manufacturing

1 13% 0% 0% 4%

Ship and Boat 

Building

3366 336 Transportation 

Equipment 

Manufacturing

0 0% 14% 8% 7%

Other Transportation 

Equipment 

Manufacturing

3369 336 Transportation 

Equipment 

Manufacturing

0 0% 0% 8% 4%

Medical Equipment 

and Supplies 

Manufacturing

3391 339 Miscellaneous 

Manufacturing

1 50% 0% 0% 33%

Other Miscellaneous 

Manufacturing

3399 339 Miscellaneous 

Manufacturing

1 50% 0% 100% 67%

Professional and 

Commercial 

Equipment and 

Supplies Merchant 

Wholesalers

4234 423 Merchant 

Wholesalers, 

Durable Goods

1 20% 0% 0% 11%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

10

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Metal and Mineral 

(except Petroleum) 

Merchant 

Wholesalers

4235 423 Merchant 

Wholesalers, 

Durable Goods

0 0% 33% 100% 22%

Household 

Appliances and 

Electrical and 

Electronic Goods 

Merchant 

Wholesalers

4236 423 Merchant 

Wholesalers, 

Durable Goods

0 0% 67% 0% 22%

Machinery, 

Equipment, and 

Supplies Merchant 

Wholesalers

4238 423 Merchant 

Wholesalers,

Durable Goods

3 60% 0% 0% 33%

Miscellaneous 

Durable Goods 

Merchant 

Wholesalers

4239 423 Merchant 

Wholesalers, 

Durable Goods

1 20% 0% 0% 11%

Farm Product Raw 

Material Merchant 

Wholesalers

4245 424 Merchant 

Wholesalers, 

Nondurable Goods

1 100% 0% 100% 50%

Chemical and Allied 

Products Merchant 

Wholesalers

4246 424 Merchant 

Wholesalers, 

Nondurable Goods

0 0% 50% 0% 25%

Petroleum and 

Petroleum Products 

Merchant 

Wholesalers

4247 424 Merchant 

Wholesalers, 

Nondurable Goods

0 0% 50% 0% 25%

Automobile Dealers 4411 441 Motor Vehicle and 

Parts Dealers

1 100% 0% 0% 100%

Other Miscellaneous 

Store Retailers

4539 453 Miscellaneous 

Store Retailers

1 100% 0% 0% 100%

Electronic Shopping 

and Mail-Order 

Houses

4541 454 Nonstore Retailers 0 0% 50% 0% 50%

Direct Selling 

Establishments

4543 454 Nonstore Retailers 0 0% 50% 0% 50%

Nonscheduled Air 

Transportation

4812 481 Air Transportation 0 0% 100% 0% 100%

Rail Transportation 4821 482 Rail 

Transportation

0 0% 0% 100% 100%

Deep Sea, Coastal, 

and Great Lakes 

Water Transportation

4831 483 Water 

Transportation

0 0% 0% 100% 100%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

11

Business Sector 4-Digit

NAICS

3-Digit

NAICS

3-Digit NAICS

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

General Freight 

Trucking

4841 484 Truck 

Transportation

1 100% 0% 0% 100%

Urban Transit 

Systems

4851 485 Transit and 

Ground Passenger 

Transportation

1 100% 0% 0% 100%

Pipeline 

Transportation of 

Natural Gas

4862 486 Pipeline 

Transportation

0 0% 0% 100% 50%

Other Pipeline 

Transportation

4869 486 Pipeline 

Transportation

1 100% 0% 0% 50%

Support Activities for 

Air Transportation

4881 488 Support Activities 

for Transportation

3 100% 40% 0% 56%

Support Activities for 

Water Transportation

4883 488 Support Activities 

for Transportation

0 0% 20% 0% 11%

Support Activities for 

Road Transportation

4884 488 Support Activities 

for Transportation

0 0% 0% 100% 11%

Freight 

Transportation 

Arrangement

4885 488 Support Activities 

for Transportation

0 0% 40% 0% 22%

Couriers and Express 

Delivery Services

4921 492 Couriers and 

Messengers

1 50% 0% 0% 50%

Local Messengers and 

Local Delivery

4922 492 Couriers and 

Messengers

1 50% 0% 0% 50%

Software Publishers 5112 511 Publishing 

Industries (except 

Internet)

8 100% 100% 100% 100%

Motion Picture and 

Video Industries

5121 512 Motion Picture 

and Sound 

Recording 

Industries

1 100% 0% 0% 100%

Wired and Wireless 

Telecommunications 

Carriers

5173 517 Telecommunications 2 22% 80% 0% 40%

Satellite 

Telecommunications

5174 517 Telecommunications 4 44% 0% 0% 27%

Other 

Telecommunications

5179 517 Telecommunications 3 33% 20% 100% 33%

Data Processing, 

Hosting, and Related 

Services

5182 518 Data Processing, 

Hosting, and 

Related Services

6 100% 100% 100% 100%

Other Information 

Services

5191 519 Other Information 

Services

1 100% 0% 0% 100%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

12

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Nondepository Credit 

Intermediation

5222 522 Credit 

Intermediation 

and Related 

Activities

0 0% 100% 100% 100%

Securities and 

Commodity Contracts 

Intermediation and 

Brokerage

5231 523 Securities, 

Commodity 

Contracts, and 

Other Financial 

Investments and 

Related Activities

0 0% 20% 33% 22%

Other Financial 

Investment Activities

5239 523 Securities, 

Commodity 

Contracts, and 

Other Financial 

Investments and 

Related Activities

1 100% 80% 67% 78%

Insurance Carriers 5241 524 Insurance Carriers 

and Related 

Activities

0 0% 100% 50% 88%

Agencies, Brokerages, 

and Other Insurance 

Related Activities

5242 524 Insurance Carriers 

and Related 

Activities

0 0% 0% 50% 13%

Other Investment 

Pools and Funds

5259 525 Funds, Trusts, and 

Other Financial 

Vehicles

0 0% 100% 0% 100%

Lessors of Real Estate 5311 531 Real Estate 5 100% 70% 67% 78%

Activities Related to 

Real Estate

5313 531 Real Estate 0 0% 30% 33% 22%

Commercial and 

Industrial Machinery 

and Equipment 

Rental and Leasing

5324 532 Rental and Leasing 

Services

0 0% 100% 0% 100%

Accounting, Tax 

Preparation, 

Bookkeeping, and 

Payroll Services

5412 541 Professional, 

Scientific, and 

Technical Services

1 4% 0% 0% 1%

Architectural, 

Engineering, and 

Related Services

5413 541 Professional, 

Scientific, and 

Technical Services

6 24% 15% 9% 16%

Computer Systems 

Design and Related 

Services

5415 541 Professional, 

Scientific, and 

Technical Services

3 12% 38% 50% 33%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

13

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Management, 

Scientific, and 

Technical Consulting 

Services

5416 541 Professional, 

Scientific, and 

Technical Services

0 0% 12% 14% 8%

Scientific Research 

and Development 

Services

5417 541 Professional, 

Scientific, and 

Technical Services

15 60% 19% 27% 36%

Advertising, Public 

Relations, and 

Related Services

5418 541 Professional, 

Scientific, and 

Technical Services

0 0% 4% 0% 1%

Other Professional, 

Scientific, and 

Technical Services

5419 541 Professional, 

Scientific, and 

Technical Services

0 0% 12% 0% 4%

Management of 

Companies and 

Enterprises

5511 551 Management of 

Companies and 

Enterprises

0 0% 100% 0% 100%

Office Administrative 

Services

5611 561 Administrative 

and Support 

Services

0 0% 25% 0% 14%

Facilities Support 

Services

5612 561 Administrative 

and Support 

Services

1 50% 0% 0% 14%

Employment Services 5613 561 Administrative 

and Support 

Services

0 0% 0% 100% 14%

Business Support 

Services

5614 561 Administrative 

and Support 

Services

1 50% 50% 0% 43%

Investigation and 

Security Services

5616 561 Administrative 

and Support 

Services

0 0% 25% 0% 14%

Business Schools and 

Computer and 

Management 

Training

6114 611 Educational 

Services

0 0% 50% 0% 25%

Technical and Trade 

Schools

6115 611 Educational 

Services

1 100% 0% 100% 50%

Educational Support 

Services

6117 611 Educational 

Services

0 0% 50% 0% 25%

Medical and 

Diagnostic 

Laboratories

6215 621 Ambulatory 

Health Care 

Services

0 0% 50% 0% 33%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

14

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Declarations

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Other Ambulatory 

Health Care Services

6219 621 Ambulatory 

Health Care 

Services

1 100% 50% 0% 67%

Special Food Services 7223 722 Food Services and 

Drinking Places

0 0% 100% 0% 100%

Electronic and 

Precision Equipment 

Repair and 

Maintenance

8112 811 Repair and 

Maintenance

1 50% 0% 0% 50%

Commercial and 

Industrial Machinery 

and Equipment 

(except Automotive 

and Electronic) Repair 

and Maintenance

8113 811 Repair and 

Maintenance

1 50% 0% 0% 50%

Other Personal 

Services

8129 812 Personal and 

Laundry Services

0 0% 100% 100% 100%

Space Research and 

Technology

9271 927 Space Research 

and Technology

0 0% 0% 100% 100%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

15

2. Covered Transaction Declarations by Country or Economy, 2020-2022

Table I-3 organizes declarations from 2020 through 2022 by country or geographic economy. Canadian 

investors accounted for the most declarations in 2022. Investors from Canada also accounted for the 

largest proportion of declarations for the three-year period 2020-2022 with 14 percent (64

declarations). Investors from Japan and Germany accounted for the second- and third-most 

declarations from 2020 to 2022 with 11 percent (47 declarations) and 8 percent (34 declarations), 

respectively. 

Table I-3. Declarations by Acquirer Home Country or Economy, 2020-2022

Declarations by Acquirer Home Country or Economy, 2020-2022

Country/Economy 2020 2021 2022 Total

Australia 2 8 5 15

Austria 0 1 1 2

Azerbaijan 0 0 1 1

Belgium 2 0 0 2

Bermuda 1 4 0 5

Brazil 1 0 2 3

British Virgin Islands 1 0 1 2

Canada 20 22 22 64

Cayman Islands 3 6 2 11

Chile 1 0 1 2

China 5 1 5 11

Cyprus 0 0 1 1

Denmark 0 1 3 4

Finland 3 1 1 5

France 5 9 9 23

Germany 10 11 13 34

Guernsey 2 9 1 12

Hong Kong6

1 0 0 1

India 2 3 2 7

 

6

In relevant part, Executive Order 13936 on Hong Kong Normalization (85 Fed. Reg. 43413 (July 17, 2020)) 

eliminates differential treatment between Hong Kong and China for purposes of this Report from the date of the 

E.O. forward (July 14, 2020). Accordingly, for CFIUS cases concluding on or after July 14, 2020, any transaction for 

which Hong Kong is identified as the origin geographic economy of the foreign acquirer is reported as originating 

from China. Conversely, for CFIUS cases that concluded prior to July 14, 2020, any transaction for which Hong 

Kong is identified as the origin geographic economy, including references to historic data, will continue to be 

reported as originating from Hong Kong.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

16

Declarations by Acquirer Home Country or Economy, 2020-2022

Country/Economy 2020 2021 2022 Total

Ireland 0 2 1 3

Isle Of Man 0 1 0 1

Israel 3 2 3 8

Italy 1 4 1 6

Jamaica 0 1 0 1

Japan 18 11 18 47

Jersey 1 4 5 10

Luxembourg 1 4 2 7

Malaysia 1 0 1 2

Mexico 0 1 1 2

Netherlands 1 6 3 10

New Zealand 1 2 0 3

Norway 0 3 2 5

Qatar 2 1 1 4

Russia 1 1 0 2

Saudi Arabia 2 3 1 6

Singapore 4 11 9 24

South Africa 0 1 1 2

South Korea 4 11 11 26

Spain 1 2 1 4

Sweden 7 3 4 14

Switzerland 2 0 2 4

Taiwan 2 2 1 5

Thailand 0 0 1 1

United Arab Emirates 3 2 7 12

United Kingdom 12 10 8 30

Total 126 164 154 444
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

17

3. Information on Committee Turnaround for Acceptance

For declarations submitted in 2022, the average number of calendar days that elapsed between the date 

a declaration was submitted (i.e., became complete) and the date on which the Committee accepted the 

declaration was 5.59 days.

The following table I-4 provides information on the median and average number of days for the 

Committee to take action on declarations in 2022.

Table I-4. Average and Median Days to Complete Assessment of Declarations

For Covered Declarations in 2022

Average Calendar Days 30.0

Median Calendar Days 30.0
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

18

4. Waivers Granted of Mandatory Filing Requirements

Section 721(b)(l)(C)(v)(IV)(bb)(CC) gives the Committee the ability to waive the requirement to submit a 

declaration for a transaction involving the acquisition, directly or indirectly, of a substantial interest in a 

U.S. business by a foreign person in which a foreign government has, directly or indirectly, a substantial 

interest. The Committee may waive the requirement if it determines that the foreign person 

demonstrates that the investments of the foreign person are not directed by a foreign government and 

the foreign person has a history of cooperation with the Committee.

In 2022, the Committee did not waive this requirement for any transaction.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

19

B. Information Regarding 2022 Covered Transaction Notices

There were 286 written notices of transactions filed with CFIUS in 2022

7

that CFIUS determined to be 

“covered transactions” under 31 C.F.R. part 800 or “covered real estate transactions” under 31 C.F.R 

Part 802 (collectively referred to herein as covered transactions). These figures, and those in the tables 

below (unless specified), reflect the total number of notices filed with CFIUS and are not adjusted down

to account for those transactions that were the subject of more than one notice—i.e., where the original 

notice was withdrawn and then refiled, as discussed in subsection I-E of this Report.

 CFIUS conducted a “review” with respect to the 286 notices of covered transactions that were 

accepted in 2022, of which one was a real estate notice filed under 31 C.F.R. Part 802.

 CFIUS conducted a subsequent “investigation” with respect to 162 of those 286 notices.

 No notices were subject to an extension under Section 721(b)(2)(C)(ii)(I) (which allows for one 

15-day extension of the investigation period in extraordinary circumstances).

 CFIUS adopted or imposed mitigation measures as follows:

o CFIUS concluded action after adopting mitigation agreements to resolve national 

security concerns with respect to 41 notices. 

o CFIUS adopted mitigation agreements to address residual national security concerns 

with respect to three notices that were voluntarily withdrawn and abandoned.

o Separately, in letters issued by Treasury granting the withdrawal and abandonment for 

five notices, conditions were imposed. However, these did not involve mitigation 

agreements. 

o Measures were imposed to mitigate interim risk with respect to three notices filed in 

2022.

8

 88 of the 286 notices were withdrawn. In 68 of these instances, the parties filed a new notice. 

53 were re-filed in 2022 and 15 in 2023. In 12 of these instances, the parties withdrew the 

notice and abandoned the transaction after either CFIUS informed the parties that it was unable 

to identify mitigation measures that would resolve its national security concerns, or it proposed 

mitigation measures that the parties chose not to accept. In eight of these instances, the parties 

withdrew their notice and abandoned the transaction due to commercial reasons.9

 One notice was rejected by CFIUS in 2022.

 There were no Presidential decisions issued in 2022.

 

7

In one instance, a notice was filed at the end of 2021 and accepted for review in 2022. That notice is accounted 

for in this Report.

8

Further information can be found in subsection I-F.

9

Further information can be found in subsection I-E.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

20

C. Specific, Cumulative, and Trend Data for Covered Transactions, Withdrawals, and Investigations

Table I-5 below provides an aggregated list of transactions, withdrawals, and presidential decisions from 

2013-2022. Over this ten-year period, companies filed 2,001 notices of transactions that CFIUS 

determined to be covered transactions under Section 721. Of these 2,001 notices, approximately 1.2

percent (25 notices) were withdrawn during the review phase. Approximately 53 percent (1,070

notices) resulted in an investigation, and approximately 20 percent (396 notices) were withdrawn during 

the investigation phase. Withdrawal of a notice is a function of the particular facts and circumstances of 

the specific transaction being reviewed by the Committee.

As shown in Table I-5, the number of notices of transactions subject to CFIUS jurisdiction increased from 

97 in 2013 to 286 in 2022 and is the highest number of notices reviewed by the Committee in the last 

ten years. The proportion of notices proceeding to investigation in 2022 was approximately 57 percent. 

The overall number of covered transactions reviewed or assessed by the Committee (on the basis of a 

written notice or a declaration) in 2022 (440 transactions) is similar to the number of transactions 

reviewed or assessed by the Committee in 2021 (436 transactions).

A variety of economic factors affects the data in this Report, which may make it difficult to extrapolate 

CFIUS trends year-over-year. CFIUS considers each transaction on a case-by-case basis, and the 

disposition of any particular case—be it withdrawal, closing in review or investigation, or presidential 

decision—depends on the particular facts and circumstances of that case.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

21

Table I-5. Covered Transactions, Withdrawals, and Presidential Decisions, 2013-2022

Covered Transactions, Withdrawals, and Presidential Decisions*

2013-2022

Year Number of 

Notices

Notices 

Withdrawn 

During Review 

Phase

Number of 

Investigations

Notices Withdrawn 

After 

Commencement of 

Investigation

Presidential 

Decisions

2013 97 3 49 5 0

2014 147 3 52 9 0

2015 143 3 67 10 0

2016 172 6 79 21 1

2017 237 4 172 70 1

2018 229 2 158 64 1

2019 231 0 113 30 1

2020 187 1 88 28 1

2021 272 2 130 72 0

2022 286 1 162 87 0

Total 2001 25 1070 396 5

*Please see subsection I-E for a discussion of the reasons for which parties may seek to withdraw a notice.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

22

1. Committee Turnaround of Comments, Acceptance, Notices

The Committee continued to meet its obligations with regard to providing comments on and accepting 

notices in a timely manner.

For notices filed in 2022, the average number of business days that elapsed between the date of 

submission of a draft notice and the date on which the Committee provided written comments on the 

draft notice was 7.4 days, less than the 10-day deadline applicable under Section 721.10

For notices filed in 2022, the average number of business days that elapsed between the date of 

submission of a formal written notice and the date on which the Committee accepted the formal written 

notice was 4.5 days, less than the 10-day deadline applicable under Section 721.

The following table provides information on the median and average number of days for the Committee

to complete reviews and investigations in 2022.

Table I-6. Average and Median Days to Complete Reviews and Investigations11

For Covered Transactions in 2022 Average Calendar Days Median Calendar Days

Closing in Review 46.1 47.0

Closing in Investigation 80.5 91.0

 

10 This number is inclusive of all draft notices filed in 2022 regardless of whether the parties made a stipulation. 

Under FIRRMA and the CFIUS regulations that went into effect on February 13, 2020, the Committee shall provide 

comments within 10 business days of the submission of a notice if the parties stipulate that the transaction is 

covered under the CFIUS regulations.

11 These numbers may exceed 45 or 90 calendar days in some cases because, in certain circumstances, the 45th

calendar day of a review or an investigation can fall on a Saturday, Sunday, or public holiday. In those cases, the 

next business day is considered the final day of the review or investigation per CFIUS regulations.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

23

D. Covered Notices by Business Sector and Country

1. Covered Notices by Business Sector of U.S. Companies, 2013-2022

The notices of covered transactions filed with CFIUS from 2013 through 2022 involved a wide range of 

industries. To provide cumulative and trend information on the business sectors involved in covered 

transaction notices, Treasury has for several years grouped covered transaction notices into four 

categories that generally correspond to the NAICS code provided by each U.S. business party.12 The four 

categories are Finance, Information, and Services; Manufacturing; Mining, Utilities, and Construction; 

and Wholesale Trade, Retail Trade, and Transportation. Because NAICS codes are not required for 

covered real estate transactions, notices filed under 31 C.F.R. Part 802 are not included in this analysis. 

This analysis reflects total filing volume, including transactions which were withdrawn and refiled, and it 

does not represent distinct transactions or overall sector trends in foreign direct investment more 

broadly. 

Approximately three-fourths of the non-real estate notices were in either the Finance, Information, and 

Services sector (839 notices or 42 percent) or the Manufacturing sector (728 notices or 37 percent). The 

remainder of the notices were in the Mining, Utilities, and Construction sector (270 notices or 14 

percent) and the Wholesale Trade, Retail Trade, and Transportation sector (157 notices or 8 percent). 

The following table and charts provide data by sector and by calendar year of the 1,994 non-real estate 

covered transaction notices filed with CFIUS during the ten-year period from 2013 through 2022. In 

2022, similar to 2021, a majority of transactions occurred in the Finance, Information, and Services 

sector (149 notices or 52 percent). The Manufacturing sector in 2022, similar to 2021, accounted for the 

second most notices filed with 84 notices or 29 percent. 

The proportion of notices in the Mining, Utilities, and Construction sector increased slightly from 12

percent in 2021 to 13 percent in 2022, as did the Wholesale Trade, Retail Trade and Transportation 

sector, which increased two percentage points from 2021 to 2022 but remains the lowest at 6 percent 

or 16 notices in 2022.

 

12 If no NAICS code was provided, CFIUS determined the most appropriate NAICS code using publicly available 

information.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

24

Table I-7. Covered Notices by Sector and Year, 2013-202213

Covered Notices by Sector and Year, 2013-2022

Year

Finance, 

Information and 

Services

Manufacturing Mining, Utilities 

and Construction

Wholesale Trade, 

Retail Trade and 

Transportation

Total

2013 32 (33%) 35 (36%) 20 (21%) 10 (10%) 97

2014 38 (26%) 69 (47%) 25 (17%) 15 (10%) 147

2015 42 (29%) 68 (48%) 21 (15%) 12 (8%) 143

2016 68 (40%) 67 (39%) 18 (10%) 19 (11%) 172

2017 108 (46%) 82 (35%) 28 (12%) 19 (8%) 237

2018 86 (38%) 80 (35%) 47 (21%) 16 (7%) 229

2019 89 (39%) 102 (44%) 21 (9%) 19 (8%) 231

2020 80 (43%) 67 (36%) 21 (11%) 19 (10%) 187

2021 147 (55%) 74 (28%) 33 (12%) 12 (4%) 266

2022 149 (52%) 84 (29%) 36 (13%) 16 (6%) 285

Total 839 (42%) 728 (37%) 270 (14%) 157 (8%) 1994

 

13 Does not include real estate notices filed under 31 C.F.R. Part 802.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

25

Graph I-1. Covered Notices by Sector and Year, 2013-2022

Graph I-2. Proportion of Covered Notices by Sector and Year, 2013-2022
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

26

Finance, Information, and Services Sector

In 2022, the Finance, Information, and Services sector accounted for 52 percent or 149 of the 285 nonreal estate CFIUS notices. Within this sector, Professional, Scientific, and Technical Services continued to 

be the largest subsector, accounting for 44 percent or 66 notices. The other top subsectors in 2022

were Telecommunications at 15 percent or 22 notices, followed by Publishing Industries (except 

Internet) at 13 percent or 20 notices. All other subsectors fell below 10 percent of notices. 

Table I-8. Covered Notices from the Finance, Information, and Services Sector, 2020-2022

Finance, Information, and Services NAICS 

Code

2022 Notices % of Total Finance, Information, and Services

2022 2021 2020 2020-2022

Publishing Industries (except Internet) 511 20 13% 20% 18% 17%

Telecommunications 517 22 15% 8% 11% 11%

Data Processing, Hosting, and Related 

Services 518 6 4% 9% 6% 6%

Other Information Services 519 3 2% 0% 4% 2%

Credit Intermediation and Related 

Activities 522 1 1% 1% 0% 1%

Securities, Commodity Contracts, and 

Other Financial Investments and 

Related Activities

523 2 1% 2% 3% 2%

Insurance Carriers and Related 

Activities 524 4 3% 5% 4% 4%

Funds, Trusts, and Other Financial 

Vehicles 525 0 0% 0% 1% 0%

Real Estate 531 6 4% 3% 4% 4%

Rental and Leasing Services 532 1 1% 1% 0% 1%

Professional, Scientific, and Technical 

Services 541 66 44% 39% 36% 40%

Management of Companies and 

Enterprises 551 2 1% 5% 1% 3%

Administrative and Support Services 561 6 4% 1% 4% 3%

Waste Management and 

Remediation Services 562 0 0% 0% 1% 0%

Educational Services 611 3 2% 3% 4% 3%

Ambulatory Health Care Services 621 1 1% 1% 3% 1%

Hospitals 622 5 3% 0% 0% 1%

Repair and Maintenance 811 1 1% 0% 0% 0%

Personal and Laundry Services 812 0 0% 0% 1% 0%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

27

Manufacturing Sector

In 2022, the Manufacturing sector accounted for 29 percent or 84 of the 285 non-real estate CFIUS 

notices. Within Manufacturing, the subsector with the most notices remained Computer and Electronic 

Product Manufacturing, accounting for 37 percent (31 notices). The next highest subsector was 

Transportation Equipment Manufacturing, accounting for 17 percent (14 notices).

Table I-9. Covered Notices from the Manufacturing Sector, 2020-2022

Manufacturing NAICS 

Code

2022 

Notices

% of Total Manufacturing

2022 2021 2020 2020-2022

Food Manufacturing 311 0 0% 0% 1% 0%

Printing and Related Support 

Activities 323 1 1% 0% 0% 0%

Petroleum and Coal Products 

Manufacturing 324 0 0% 3% 0% 1%

Chemical Manufacturing 325 8 10% 18% 13% 13%

Plastics and Rubber Products 

Manufacturing 326 3 4% 0% 0% 1%

Nonmetallic Mineral Product 

Manufacturing 327 0 0% 0% 1% 0%

Primary Metal Manufacturing 331 0 0% 4% 3% 2%

Fabricated Metal Product 

Manufacturing 332 12 14% 4% 6% 8%

Machinery Manufacturing 333 10 12% 9% 9% 10%

Computer and Electronic Product 

Manufacturing 334 31 37% 34% 42% 37%

Electrical Equipment, Appliance, 

and Component Manufacturing 335 3 4% 12% 9% 8%

Transportation Equipment 

Manufacturing 336 14 17% 14% 9% 13%

Miscellaneous Manufacturing 339 2 2% 3% 6% 4%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

28

Mining, Utilities, and Construction Sector

In 2022, the Mining, Utilities, and Construction sector accounted for 13 percent or 36 of the 285 nonreal estate CFIUS notices. Within this sector, the Utilities subsector accounted for 67 percent of the 

sector (24 notices). The Support Activities for Agriculture and Forestry subsector, Oil and Gas Extraction 

subsector, and Specialty Trade Contractors subsector were the next highest subsectors with 8 percent or 

three notices each in 2022.

Table I-10. Covered Notices from the Mining, Utilities, and Construction Sector, 2020-2022

Mining, Utilities, and 

Construction

NAICS 

Code

2022 

Notices

% of Total Mining, Utilities, and Construction

2022 2021 2020 2020-2022

Support Activities for 

Agriculture and Forestry 115 3 8% 0% 0% 3%

Oil and Gas Extraction 211 3 8% 0% 10% 6%

Mining (except Oil and Gas) 212 1 3% 0% 5% 2%

Utilities 221 24 67% 94% 86% 81%

Heavy and Civil Engineering 

Construction 237 2 6% 3% 0% 3%

Specialty Trade Contractors 238 3 8% 3% 0% 4%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

29

Wholesale Trade, Retail Trade, and Transportation Sector

In 2022, the Wholesale Trade, Retail Trade, and Transportation sector accounted for 6 percent or 16 of 

the 285 non-real estate CFIUS notices. Within this sector, Support Activities for Transportation 

remained the largest subsector, accounting for 44 percent or seven notices. The next highest subsector

in 2022 was Merchant Wholesalers, Durable Goods with 31 percent or 5 notices.

Table I-11. Covered Notices from Wholesale, Retail Trade, and Transportation Sector, 2020-2022

Wholesale Trade, Retail 

Trade, and Transportation

NAICS 

Code

2022 

Notices

% of Total Wholesale Trade, Retail Trade and 

Transportation

2022 2021 2020 2020-2022

Merchant Wholesalers, 

Durable Goods 423 5 31% 25% 16% 23%

Merchant Wholesalers, 

Nondurable Goods 424 2 13% 0% 5% 6%

Health and Personal Care 

Stores 446 0 0% 0% 11% 4%

Clothing and Clothing 

Accessories Stores 448 0 0% 0% 5% 2%

Nonstore Retailers 454 0 0% 0% 5% 2%

Air Transportation 481 1 6% 25% 0% 9%

Rail Transportation 482 1 6% 0% 0% 2%

Pipeline Transportation 486 0 0% 0% 5% 2%

Support Activities for 

Transportation 488 7 44% 50% 37% 43%

Warehousing and Storage 493 0 0% 0% 5% 2%

Accommodation 721 0 0% 0% 11% 4%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

30

Covered Transaction Notices by Business Sector of U.S. Companies, 2020-2022

Table I-12 on the following pages provides a breakdown by subsector and by the three most recent 

reporting years for the covered transaction notices cumulatively filed with CFIUS from 2020 through 

2022.

Table I-12. Covered Transaction Notices by Business Sector of U.S. Companies, 2020-202214

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Support Activities 

for Forestry

1153 115

Support Activities 

for Agriculture and 

Forestry

3 100% 0% 0% 100%

Oil and Gas 

Extraction 2111 211 Oil and Gas Extraction 3 100% 0% 100% 100%

Nonmetallic Mineral 

Mining and 

Quarrying

2123 212 Mining (except Oil 

and Gas) 1 100% 0% 100% 100%

Electric Power 

Generation, 

Transmission and 

Distribution

2211 221 Utilities 24 100% 97% 100% 99%

Water, Sewage and 

Other Systems 2213 221 Utilities 0 0% 3% 0% 1%

Utility System 

Construction 2371 237

Heavy and Civil 

Engineering 

Construction

2 100% 100% 0% 100%

Building Equipment 

Contractors 2382 238 Specialty Trade Contractors 3 100% 100% 0% 100%

Animal Slaughtering 

and Processing 3116 311 Food Manufacturing 0 0% 0% 100% 100%

Printing and Related 

Support Activities 3231 323 Printing and Related Support Activities 1 100% 0% 0% 100%

Petroleum and Coal 

Products 

Manufacturing

3241 324

Petroleum and Coal 

Products 

Manufacturing

0 0% 100% 0% 100%

Basic Chemical 

Manufacturing 3251 325 Chemical Manufacturing 2 25% 8% 33% 20%

Resin, Synthetic 

Rubber, and 

Artificial Synthetic 

Fibers and Filaments 

Manufacturing

3252 325 Chemical 

Manufacturing 0 0% 62% 22% 33%

 

14 Does not include real estate notices filed under 31 C.F.R. Part 802.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

31

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Pharmaceutical and 

Medicine 

Manufacturing

3254 325 Chemical 

Manufacturing 6 75% 23% 33% 40%

Other Chemical 

Product and 

Preparation 

Manufacturing

3259 325 Chemical 

Manufacturing 0 0% 8% 11% 7%

Plastics Product 

Manufacturing 3261 326

Plastics and Rubber 

Products 

Manufacturing

1 33% 0% 0% 33%

Rubber Product 

Manufacturing 3262 326

Plastics and Rubber 

Products 

Manufacturing

2 67% 0% 0% 67%

Other Nonmetallic 

Mineral Product 

Manufacturing

3279 327

Nonmetallic Mineral 

Product 

Manufacturing

0 0% 0% 100% 100%

Steel Product 

Manufacturing from 

Purchased Steel

3312 331 Primary Metal 

Manufacturing 0 0% 67% 0% 40%

Nonferrous Metal 

(except Aluminum) 

Production and 

Processing

3314 331 Primary Metal 

Manufacturing 0 0% 0% 100% 40%

Foundries 3315 331 Primary Metal 

Manufacturing 0 0% 33% 0% 20%

Forging and 

Stamping 3321 332

Fabricated Metal 

Product 

Manufacturing

4 33% 0% 25% 26%

Architectural and 

Structural Metals 

Manufacturing

3323 332

Fabricated Metal 

Product 

Manufacturing

1 8% 0% 0% 5%

Machine Shops; 

Turned Product; and

Screw, Nut, and Bolt 

Manufacturing

3327 332

Fabricated Metal 

Product 

Manufacturing

2 17% 0% 0% 11%

Coating, Engraving, 

Heat Treating, and 

Allied Activities

3328 332

Fabricated Metal 

Product 

Manufacturing

2 17% 0% 25% 16%

Other Fabricated 

Metal Product 

Manufacturing

3329 332

Fabricated Metal 

Product 

Manufacturing

3 25% 100% 50% 42%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

32

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Industrial Machinery 

Manufacturing 3332 333 Machinery Manufacturing 5 50% 0% 17% 26%

Commercial and 

Service Industry 

Machinery 

Manufacturing

3333 333 Machinery 

Manufacturing 2 20% 57% 0% 26%

Ventilation, Heating, 

Air-Conditioning, 

and Commercial 

Refrigeration 

Equipment 

Manufacturing

3334 333 Machinery 

Manufacturing 1 10% 0% 0% 4%

Metalworking 

Machinery 

Manufacturing

3335 333 Machinery 

Manufacturing 1 10% 0% 0% 4%

Engine, Turbine, and 

Power Transmission 

Equipment 

Manufacturing

3336 333 Machinery 

Manufacturing 0 0% 29% 17% 13%

Other General 

Purpose Machinery 

Manufacturing

3339 333 Machinery 

Manufacturing 1 10% 14% 67% 26%

Computer and 

Peripheral 

Equipment 

Manufacturing

3341 334

Computer and 

Electronic Product 

Manufacturing

0 0% 20% 7% 8%

Communications 

Equipment 

Manufacturing

3342 334

Computer and 

Electronic Product 

Manufacturing

5 16% 12% 25% 18%

Semiconductor and 

Other Electronic 

Component 

Manufacturing

3344 334

Computer and 

Electronic Product 

Manufacturing

14 45% 36% 46% 43%

Navigational, 

Measuring, 

Electromedical, and 

Control Instruments 

Manufacturing

3345 334

Computer and 

Electronic Product 

Manufacturing

12 39% 32% 21% 31%

Electrical Equipment 

Manufacturing 3353 335

Electrical 

Equipment, 

Appliance, and 

Component 

Manufacturing

2 67% 11% 33% 28%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

33

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Other Electrical 

Equipment and 

Component 

Manufacturing

3359 335

Electrical 

Equipment, 

Appliance, and 

Component 

Manufacturing

1 33% 89% 67% 72%

Motor Vehicle 

Manufacturing 3361 336

Transportation 

Equipment 

Manufacturing

2 14% 20% 17% 17%

Motor Vehicle Parts 

Manufacturing 3363 336

Transportation 

Equipment 

Manufacturing

1 7% 0% 0% 3%

Aerospace Product 

and Parts 

Manufacturing

3364 336

Transportation 

Equipment 

Manufacturing

10 71% 80% 50% 70%

Railroad Rolling 

Stock Manufacturing 3365 336

Transportation 

Equipment 

Manufacturing

0 0% 0% 17% 3%

Other 

Transportation 

Equipment 

Manufacturing

3369 336

Transportation 

Equipment 

Manufacturing

1 7% 0% 17% 7%

Medical Equipment 

and Supplies 

Manufacturing

3391 339 Miscellaneous 

Manufacturing 0 0% 50% 100% 63%

Other Miscellaneous 

Manufacturing 3399 339 Miscellaneous Manufacturing 2 100% 50% 0% 38%

Professional and 

Commercial 

Equipment and 

Supplies Merchant 

Wholesalers

4234 423

Merchant 

Wholesalers, 

Durable Goods

1 20% 0% 0% 9%

Metal and Mineral 

(except Petroleum) 

Merchant 

Wholesalers

4235 423

Merchant 

Wholesalers, 

Durable Goods

0 0% 33% 0% 9%

Household 

Appliances and 

Electrical and 

Electronic Goods 

Merchant 

Wholesalers

4236 423

Merchant 

Wholesalers, 

Durable Goods

2 40% 67% 33% 45%

Machinery, 

Equipment, and 

Supplies Merchant 

Wholesalers

4238 423

Merchant 

Wholesalers, 

Durable Goods

0 0% 0% 33% 9%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

34

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Miscellaneous 

Durable Goods 

Merchant 

Wholesalers

4239 423

Merchant 

Wholesalers, 

Durable Goods

2 40% 0% 33% 27%

Drugs and Druggists’ 

Sundries Merchant 

Wholesalers

4242 424

Merchant 

Wholesalers, 

Nondurable Goods

1 50% 0% 0% 33%

Grocery and Related 

Product Merchant 

Wholesalers

4244 424

Merchant 

Wholesalers, 

Nondurable Goods

0 0% 0% 100% 33%

Farm Product Raw 

Material Merchant 

Wholesalers

4245 424

Merchant 

Wholesalers, 

Nondurable Goods

1 50% 0% 0% 33%

Health and Personal 

Care Stores 4461 446 Health and Personal Care Stores 0 0% 0% 100% 100%

Jewelry, Luggage, 

and Leather Goods 

Stores

4483 448

Clothing and 

Clothing Accessories 

Stores

0 0% 0% 100% 100%

Electronic Shopping 

and Mail-Order 

Houses

4541 454 Nonstore Retailers 0 0% 0% 100% 100%

Nonscheduled Air 

Transportation 4812 481 Air Transportation 1 100% 100% 0% 100%

Rail Transportation 4821 482 Rail Transportation 1 100% 0% 0% 100%

Pipeline 

Transportation of 

Natural Gas

4862 486 Pipeline 

Transportation 0 0% 0% 100% 100%

Support Activities 

for Air 

Transportation

4881 488 Support Activities 

for Transportation 2 29% 17% 57% 35%

Support Activities 

for Rail 

Transportation

4882 488 Support Activities 

for Transportation 1 14% 0% 0% 5%

Support Activities 

for Water 

Transportation

4883 488 Support Activities 

for Transportation 1 14% 0% 14% 10%

Support Activities 

for Road 

Transportation

4884 488 Support Activities 

for Transportation 2 29% 17% 0% 15%

Freight 

Transportation

Arrangement

4885 488 Support Activities 

for Transportation 1 14% 67% 29% 35%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

35

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Warehousing and 

Storage 4931 493 Warehousing and Storage 0 0% 0% 100% 100%

Newspaper, 

Periodical, Book, 

and Directory 

Publishers

5111 511 Publishing Industries 

(except Internet) 0 0% 10% 21% 9%

Software Publishers 5112 511 Publishing Industries 

(except Internet) 20 100% 90% 79% 91%

Wired 

Telecommunications 

Carriers

5171 517 Telecommunications 0 0% 0% 11% 2%

Wired and Wireless 

Telecommunications 

Carriers

5173 517 Telecommunications 10 45% 58% 67% 53%

Satellite 

Telecommunications 5174 517 Telecommunications 9 41% 42% 11% 35%

Other 

Telecommunications 5179 517 Telecommunications 3 14% 0% 11% 9%

Data Processing, 

Hosting, and Related 

Services

5182 518

Data Processing, 

Hosting, and Related 

Services

6 100% 100% 100% 100%

Other Information 

Services 5191 519 Other Information Services 3 100% 0% 100% 100%

Activities Related to 

Credit 

Intermediation

5223 522

Credit 

Intermediation and 

Related Activities

1 100% 100% 0% 100%

Securities and 

Commodity 

Contracts 

Intermediation and 

Brokerage

5231 523

Securities, 

Commodity 

Contracts, and 

Other Financial 

Investments and 

Related Activities

0 0% 33% 50% 29%

Other Financial 

Investment 

Activities

5239 523

Securities, 

Commodity 

Contracts, and 

Other Financial 

Investments and 

Related Activities

2 100% 67% 50% 71%

Insurance Carriers 5241 524

Insurance Carriers 

and Related 

Activities

3 75% 63% 33% 60%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

36

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Agencies, 

Brokerages, and 

Other Insurance 

Related Activities

5242 524

Insurance Carriers 

and Related 

Activities

1 25% 38% 67% 40%

Other Investment 

Pools and Funds 5259 525

Funds, Trusts, and 

Other Financial 

Vehicles

0 0% 0% 100% 100%

Lessors of Real 

Estate 5311 531 Real Estate 6 100% 100% 33% 86%

Activities Related to 

Real Estate 5313 531 Real Estate 0 0% 0% 67% 14%

Automotive 

Equipment Rental 

and Leasing

5321 532 Rental and Leasing 

Services 1 100% 50% 0% 67%

Commercial and 

Industrial Machinery 

and Equipment 

Rental and Leasing

5324 532 Rental and Leasing 

Services 0 0% 50% 0% 33%

Accounting, Tax 

Preparation, 

Bookkeeping, and 

Payroll Services

5412 541

Professional, 

Scientific, and 

Technical Services

1 2% 0% 0% 1%

Architectural, 

Engineering, and 

Related Services

5413 541

Professional, 

Scientific, and 

Technical Services

8 12% 18% 34% 18%

Computer Systems 

Design and Related 

Services

5415 541

Professional, 

Scientific, and 

Technical Services

15 23% 30% 31% 27%

Management, 

Scientific, and 

Technical Consulting 

Services

5416 541

Professional, 

Scientific, and 

Technical Services

10 15% 12% 7% 13%

Scientific Research 

and Development 

Services

5417 541

Professional, 

Scientific, and 

Technical Services

26 39% 26% 17% 30%

Advertising, Public 

Relations, and 

Related Services

5418 541

Professional, 

Scientific, and 

Technical Services

3 5% 2% 3% 3%

Other Professional, 

Scientific, and 

Technical Services

5419 541

Professional, 

Scientific, and 

Technical Services

3 5% 12% 7% 8%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

37

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Management of 

Companies and 

Enterprises

5511 551

Management of 

Companies and 

Enterprises

2 100% 100% 100% 100%

Employment 

Services 5613 561 Administrative and Support Services 1 17% 100% 0% 20%

Business Support 

Services 5614 561 Administrative and Support Services 4 67% 0% 33% 50%

Travel Arrangement 

and Reservation 

Services

5615 561 Administrative and 

Support Services 0 0% 0% 33% 10%

Investigation and 

Security Services 5616 561 Administrative and Support Services 1 17% 0% 33% 20%

Remediation and 

Other Waste 

Management 

Services

5629 562

Waste Management 

and Remediation 

Services

0 0% 0% 100% 100%

Elementary and 

Secondary Schools 6111 611 Educational Services 2 67% 25% 0% 30%

Business Schools 

and Computer and 

Management 

Training

6114 611 Educational Services 1 33% 25% 0% 20%

Technical and Trade 

Schools 6115 611 Educational Services 0 0% 25% 0% 10%

Educational Support 

Services 6117 611 Educational Services 0 0% 25% 100% 40%

Offices of Physicians 6211 621 Ambulatory Health 

Care Services 0 0% 0% 50% 20%

Medical and 

Diagnostic 

Laboratories

6215 621 Ambulatory Health 

Care Services 0 0% 100% 50% 60%

Other Ambulatory 

Health Care Services 6219 621 Ambulatory Health Care Services 1 100% 0% 0% 20%

General Medical and 

Surgical Hospitals 6221 622 Hospitals 1 20% 0% 0% 20%

Psychiatric and 

Substance Abuse 

Hospitals

6222 622 Hospitals 4 80% 0% 0% 80%

Traveler 

Accommodation 7211 721 Accommodation 0 0% 0% 100% 100%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

38

Business Sector 4-Digit 

NAICS

3-Digit 

NAICS

3-Digit NAICS 

Category

2022 

Notices

% of 3-Digit Corresponding NAICS Code

2022 2021 2020 2020-2022

Electronic and 

Precision Equipment 

Repair and 

Maintenance

8112 811 Repair and 

Maintenance 1 100% 0% 0% 100%

Other Personal 

Services 8129 812 Personal and Laundry Services 0 0% 0% 100% 100%
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

39

2. Covered Transaction Notices by Country or Economy, 2020-2022

Table I-13 organizes covered transaction notices from 2020 through 2022 by the acquirer’s home 

country or geographic economy. This table reflects total filing volume, including transactions which 

were withdrawn and refiled, and does not represent distinct transactions. In 2022, the highest number 

of notices were from Singaporean investors, accounting for 12.9 percent (37 notices), followed by 

Chinese and British investors, accounting for 12.6 percent and 6.3 percent, respectively (36 and 18

notices). For the three-year period from 2020 through 2022, the highest number of notices were from 

Chinese investors, accounting for 13.0 percent (97 notices), followed by Japanese and Singaporean

investors, accounting for 8.1 percent each (60 notices each). 

Regarding distinct transactions (i.e., counting only once those transactions that originated as a 

declaration and were then also filed as a notice, or notices that were refiled), the highest number of 

notices were from investors from Singapore, followed by the United Kingdom. Investors from Canada 

and Japan both had the third highest number of distinct notices, followed by China, France, and South 

Korea (which each had the same number of notices). 

Table I-13. Covered Transaction Notices by Acquirer Home Country or Economy 2020-2022

Covered Transaction Notices by Acquirer Home Country or Economy, 2020-2022

Country/Economy 2020 2021 2022 Total

Australia 10 4 6 20

Austria 0 3 4 7

Bahrain 0 0 1 1

Belgium 0 1 1 2

Bermuda 1 0 1 2

Brazil 2 2 3 7

British Virgin Islands 1 1 4 6

Canada 11 28 17 56

Cayman Islands 5 18 10 33

Chile 1 1 1 3

China 17 44 36 97

Croatia 0 0 1 1

Czech Republic 1 3 2 6

Denmark 2 5 2 9

Dominican Republic 0 0 1 1

Finland 2 1 2 5

France 11 13 14 38

Germany 7 10 10 27

Guernsey 3 3 6 12
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

40

Covered Transaction Notices by Acquirer Home Country or Economy, 2020-2022

Country/Economy 2020 2021 2022 Total

Hong Kong 3 0 0 3

India 6 1 3 10

Ireland 2 2 9 13

Isle Of Man 0 0 1 1

Israel 6 12 9 27

Italy 3 4 3 10

Japan 19 26 15 60

Jersey 3 2 2 7

Kuwait 1 0 2 3

Lebanon 1 2 0 3

Liechtenstein 0 1 1 2

Luxembourg 5 4 5 14

Malaysia 1 0 0 1

Malta 0 0 1 1

Mauritius 0 0 1 1

Mexico 0 2 2 4

Netherlands 6 5 1 12

New Zealand 0 0 3 3

Norway 1 2 1 4

Philippines 1 0 0 1

Portugal 4 7 2 13

Qatar 2 2 1 5

Russia 0 7 1 8

Saudi Arabia 0 3 4 7

Singapore 10 13 37 60

South Africa 1 1 1 3

South Korea 2 13 14 29

Spain 3 0 4 7

Sweden 10 5 9 24

Switzerland 2 1 1 4

Taiwan 4 4 3 11

Thailand 0 2 2 4

Turkey 1 0 1 2
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

41

Covered Transaction Notices by Acquirer Home Country or Economy, 2020-2022

Country/Economy 2020 2021 2022 Total

Ukraine 0 1 1 2

United Arab 

Emirates 2 0 6 8

United Kingdom 14 13 18 45

Total 187 272 286 745

Table I-14 shows the geographic concentration of the total volume of notices in each of the four 

previously listed industry sectors for the period from 2020 to 2022. Together, the Finance, Information, 

and Services sector and the Manufacturing sector accounted for approximately 81 percent of all nonreal estate notices during this three-year period. The Mining, Utilities and Construction sector 

accounted for 12 percent or notices while the Wholesale Trade, Retail Trade and Transportation sector 

accounted for 6 percent.

Notices from China, Japan, and Singapore together accounted for approximately 29 percent of notices 

filed from 2020 to 2022. The distribution of notices from these countries were generally consistent with 

the overall distribution of notices across the four industry sectors although Canada had the most notices 

in the Mining, Utilities and Construction sector, consistent with previous years’ reports.

Table I-14. Covered Transaction Notices by Acquirer Home Country or Economy and Target Sector, 2020-

202215

Covered Transaction Notices by Acquirer Home Country or Economy and Target Sector, 2020-2022

Country/Economy Manufacturing Finance, Information 

and Services

Mining, Utilities 

and Construction

Wholesale Trade, 

Retail Trade and 

Transportation

Total

Australia 1 13 4 2 20

Austria 6 1 0 0 7

Bahrain 0 1 0 0 1

Belgium 1 0 1 0 2

Bermuda 0 2 0 0 2

Brazil 2 3 1 1 7

British Virgin Islands 0 3 3 0 6

Canada 9 27 13 5 54

Cayman Islands 5 27 1 0 33

Chile 2 1 0 0 3

 

15 Does not include real estate notices filed under 31 C.F.R. Part 802.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

42

Covered Transaction Notices by Acquirer Home Country or Economy and Target Sector, 2020-2022

Country/Economy Manufacturing Finance, Information 

and Services

Mining, Utilities 

and Construction

Wholesale Trade, 

Retail Trade and 

Transportation

Total

China 28 59 3 7 97

Croatia 0 1 0 0 1

Czech Republic 3 3 0 0 6

Denmark 1 1 6 1 9

Dominican Republic 0 1 0 0 1

Finland 2 2 1 0 5

France 11 18 6 3 38

Germany 11 12 3 1 27

Guernsey 3 9 0 0 12

Hong Kong 2 0 0 1 3

India 3 7 0 0 10

Ireland 2 11 0 0 13

Isle Of Man 0 0 0 1 1

Israel 10 8 9 0 27

Italy 6 3 0 1 10

Japan 27 20 8 5 60

Jersey 3 3 0 1 7

Kuwait 0 2 0 1 3

Lebanon 2 0 0 1 3

Liechtenstein 1 1 0 0 2

Luxembourg 6 6 2 0 14

Malaysia 1 0 0 0 1

Malta 0 1 0 0 1

Mauritius 1 0 0 0 1

Mexico 2 2 0 0 4

Netherlands 3 6 3 0 12

New Zealand 3 0 0 0 3

Norway 3 1 0 0 4

Philippines 0 1 0 0 1

Portugal 0 0 10 0 10

Qatar 3 2 0 0 5
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

43

Covered Transaction Notices by Acquirer Home Country or Economy and Target Sector, 2020-2022

Country/Economy Manufacturing Finance, Information 

and Services

Mining, Utilities 

and Construction

Wholesale Trade, 

Retail Trade and 

Transportation

Total

Russia 4 4 0 0 8

Saudi Arabia 2 5 0 0 7

Singapore 6 46 3 5 60

South Africa 1 2 0 0 3

South Korea 12 12 3 2 29

Spain 3 2 2 0 7

Sweden 8 15 1 0 24

Switzerland 1 1 1 1 4

Taiwan 9 0 0 1 10

Thailand 1 1 2 0 4

Turkey 0 0 1 0 1

Ukraine 0 0 0 2 2

United Arab 

Emirates 0 8 0 0 8

United Kingdom 15 22 3 5 45

Total 225 376 90 47 738
44

CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022 

E. Withdrawn Notices

Parties may withdraw a notice after acceptance by the Committee only if the Committee approves a 

written request for withdrawal from the parties. Over time, parties have requested withdrawals for a 

number of reasons. For example, in some cases in which the parties are unable to address all of the 

Committee's outstanding national security concerns within the initial review phase or subsequent 

investigation period, the parties might request to withdraw and refile their notice to provide themselves 

with additional time to answer questions or to attempt to resolve the Committee's national security 

concerns via a mitigation agreement. In other cases, the parties might request to withdraw and refile 

their notice because a material change in the terms of the transaction warrants the filing of a new 

notice. In still other cases, the parties might request to withdraw their notice because they are 

abandoning the transaction for commercial reasons, because the parties do not want to abide by 

CFIUS's proposed mitigation, or in light of a CFIUS determination to refer the matter to the President. 

The Committee has established processes to track, when appropriate, the status of a withdrawn 

transaction or impose interim protections to address specific national security concerns identified 

during the review or investigation of the withdrawn transaction. 

In 2022, CFIUS approved the withdrawal of 88 notices. Parties withdrew one notice during the review 

phase and withdrew 87 notices after the commencement of the investigation period. In 68 of these 

instances, the parties filed a new notice in either 2022 (53 notices refiled) or 2023 (15 notices refiled). In 

most instances, the notices were withdrawn after the Committee informed the parties that the 

transaction posed a national security risk to allow the parties additional time to consider CFIUS’s 

mitigation terms.16

In twelve of these instances, the parties withdrew their notice and abandoned their transaction after 

either CFIUS informed them that it was unable to identify mitigation measures that would resolve the 

national security risk posed by the transaction, or the Committee proposed mitigation measures that 

the parties chose not to accept. In eight instances, the parties withdrew their notice and abandoned the 

transaction due to commercial reasons. 

As noted above, the number of withdrawals is a function of the specific facts and circumstances of the 

particular transactions reviewed by the Committee. 

16 See subsection I-F for further details on mitigation measures.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

45

F. Mitigation Measures and Conditions

Section 721(l), as amended by FIRRMA, provides that the Committee may use measures to mitigate 

national security risks both in cases for which CFIUS concludes action (i.e., clears the case to proceed) 

and in cases for which a party to the transaction has voluntarily chosen to abandon the transaction. In 

2022, CFIUS adopted mitigation measures and conditions in 52 instances (approximately 18 percent of 

the total number of 2022 notices): 

 CFIUS concluded action after adopting mitigation agreements with respect to 41 notices of 

covered transactions (approximately 23 percent of the distinct 2022 notices). Seven CFIUS 

agencies served as the U.S. Government signatories to these agreements. 

 CFIUS adopted mitigation agreements to address residual national security concerns with 

respect to three notices that were voluntarily withdrawn and abandoned. Two CFIUS agencies 

served as the U.S. Government signatories to these agreements.

o Separately, in letters issued by Treasury granting the withdrawal and abandonment for 

five notices, conditions were imposed. However, these did not involve mitigation 

agreements.

 Measures were imposed to mitigate interim risk with respect to three notices filed in 2022.

Committee member agencies have adopted practices and procedures to evaluate and ensure that 

parties to a covered transaction remain in compliance with any risk mitigation measures and conditions 

under Section 721 that CFIUS adopts. For all mitigation measures and conditions executed since FINSA 

became effective, Treasury, as Chair of CFIUS, has designated at least one U.S. Government agency as a 

lead agency for monitoring compliance with such measures and conditions. Lead agencies carry out 

their monitoring responsibilities on behalf of the Committee and regularly report back to the 

Committee. As described below, all lead agencies for monitoring mitigation compliance have 

implemented practices and processes to carry out their responsibilities. 

Mitigation measures and conditions negotiated and adopted in 2022 required the businesses involved to 

take specific and verifiable actions, including, for example: 

 prohibiting or limiting the transfer or sharing of certain intellectual property, trade secrets, or 

technical information;

 establishing guidelines and terms for handling existing or future contracts with the U.S. 

Government or its contractors, U.S. Government customer information, and other sensitive 

information;

 ensuring that only authorized persons have access to certain technology, systems, facilities, or 

sensitive information; 

 ensuring that certain facilities, equipment, and operations are located only in the United States; 

 requiring prior notification to and non-objection by the U.S. Government regarding changes to 

data storage locations;

 restricting recruitment and hiring of certain personnel;

 establishing a corporate security committee, voting trust, and other mechanisms to limit foreign 

influence and ensure compliance, including the appointment of a U.S. Government-approved 

security officer and/or member of the board of directors and requirements for security policies, 

annual reports, and independent audits; 
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

46

 notification and approval of security officers, third party monitors, or relevant U.S. Government

parties in advance of visits to the U.S. business by foreign nationals;

 security protocols to ensure the integrity of products or software sold to the U.S. Government;

 notifying customers or relevant U.S. Government parties when there is a change of ownership in 

the U.S. business; 

 assurances of continuity of supply to the U.S. Government for defined periods, notification and 

consultation prior to taking certain business decisions, and reservation of certain rights for the 

U.S. Government in the event that the company decides to exit a business line; 

 establishing meetings to discuss business plans that might affect U.S. Government supply or 

raise national security considerations; 

 exclusion of certain sensitive U.S. assets from the transaction; 

 ensuring that only authorized vendors supply certain products or services; 

 prior notification to and approval by relevant U.S. Government parties in connection with any 

increase in ownership or rights by the foreign acquirer; and 

 divestiture by the foreign acquirer of all or part of the U.S. business.17

CFIUS agencies use a variety of means to monitor and enforce compliance by the companies that are 

subject to the measures, including:

 periodic reporting to U.S. Government agencies by the companies; 

 on-site compliance reviews by U.S. Government agencies; 

 third-party audits or monitors when provided for by the terms of the mitigation measures; and 

 investigations and remedial actions if anomalies or breaches are discovered or suspected, 

including the imposition of penalties or unilateral initiation of another review of the covered 

transaction, where appropriate.

Due to the number and complexity of mitigation measures and conditions implemented to date, as a 

general matter individual CFIUS agencies monitor compliance through a number of internal practices 

and procedures, including: 

 assigning staff responsibilities for the monitoring of compliance;

 designing tracking systems to monitor required reports; and 

 instituting internal instructions and procedures to ensure that in-house expertise is drawn upon 

to analyze compliance with measures.

 

17 Divestiture of all of a U.S. business is an option parties may consent to in lieu of a referral to the President and is

typically effectuated through a withdrawal of the notice and abandonment of the transaction. For this reason, 

such divestitures are not included in data on cases where CFIUS concluded all action after adopting a mitigation 

agreement.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

47

G. Perceived Adverse Effects of Covered Transactions

Section 721(m) requires that this Annual Report include a detailed discussion of all perceived adverse 

effects of covered transactions on the national security or critical infrastructure of the United States that 

the Committee will take into account in its deliberations during the period before delivery of the next 

report, to the extent possible. In reviewing a covered transaction, CFIUS evaluates all relevant national 

security considerations identified by its member agencies during the pendency of the case and does not 

conclude action on a covered transaction if there are unresolved national security concerns. 

As discussed in the Guidance Concerning the National Security Review Conducted by CFIUS, which CFIUS 

published in the Federal Register on December 8, 200818, and which remains relevant for the reporting 

period of this Report, the transactions that CFIUS has thus far reviewed continue to present a broad 

range of national security considerations. CFIUS examines the national security considerations to 

determine whether, in light of the specific facts and circumstances related to the transaction, the 

transaction would adversely affect national security and pose a national security risk. Among the 

considerations presented by transactions reviewed by CFIUS are the following:

Covered control transactions or covered investments in U.S. businesses that:

 provide products and services to an agency or agencies of the U.S. Government, or state and 

local authorities that have functions that are relevant to national security;

 provide products or services that could expose national security vulnerabilities, including 

potential cyber security concerns, or create vulnerability to sabotage or espionage. This 

includes consideration of whether the covered transaction will increase the risk of exploitation 

of the particular U.S. business's position in the supply chain;

 have operations, or produce or supply products or services, the security of which may have 

implications for U.S. national security, such as businesses potentially involving critical 

infrastructure; businesses that involve various aspects of energy production, including 

extraction, generation, transmission, and distribution; businesses that affect the national 

transportation system; businesses providing telecommunications systems or information 

technology infrastructure; and businesses that could significantly and directly affect the U.S. 

financial system;

 have access to classified information or sensitive government or government contract 

information, including information about employees;

 participate in the defense, security, and national security-related law enforcement sectors, 

including activities related to weapons and munitions manufacturing, aerospace, satellite, and 

radar systems;

 produce certain types of advanced technologies that may be useful in defending, or in seeking 

to impair, U.S. national security, which may include businesses engaged in the design and 

 

18 See 73 Fed. Reg. 74567 (Dec. 8, 2008).
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

48

production of equipment or components that have both commercial and military applications. 

Such transactions have included, for example, businesses engaged in the design, production, or 

provision of goods and services involving cybersecurity, network, and data security. They have 

also included businesses that produce semiconductor manufacturing equipment, design 

integrated circuits, and fabricate integrated circuits, in light of the fact that semiconductors are 

an enabling technology for a range of national security critical devices, systems, and functions. 

They have also included businesses that are in the biotechnology sector, given the potential 

military applications of such technology and the sensitivity of the information such companies 

may collect;

 engage in the research and development, production, or sale of technology, goods, software, or 

services that are subject to U.S. export controls;

 maintain access or insight into sensitive systems, networks, or databases that could be subject 

to cyber-attack or exploitation;

 are in a field with significant national security implications where there are few alternative 

suppliers or where a loss in U.S. technological competitiveness would be detrimental to national 

security;

 with respect to the various technologies described above, could facilitate their transfer to third 

parties not directly related to the buyer, to the detriment of national security;

 have operations or facilities that are in proximity to military or other sensitive U.S. Government 

facilities;

 have access to potentially sensitive data about U.S. persons, such as health or biological data, 

that could be exploited in a manner that threatens U.S. national security, and have access to 

data about businesses that have national security importance; and/or

 otherwise facilitate foreign intelligence collection against U.S. targets. 

Foreign acquisition of U.S. real estate that:

 is in proximity to military or other sensitive U.S. Government facilities, or airports or maritime 

ports.

Acquisitions or investments by foreign persons that:

 are controlled by a foreign government;

 are from a country with a record on nonproliferation and other national security-related matters 

that raises concerns;

 make multiple acquisitions or investments in a single sector or in a supply chain with national 

security implications, including raw materials, research and development for relevant 

technologies, tools and equipment, and manufacturing capabilities;
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

49

 have demonstrated intent and capability to impair U.S. national security, or;

 have significant ties to third parties who might take actions that could impair U.S. national 

security; and/or

 have a history of doing business in sanctioned countries. 

CFIUS reviews all relevant national security considerations and the particular facts and circumstances of 

a transaction to determine whether the transaction will pose a national security risk. Among the factors 

that CFIUS takes into account are the following, listed in Section 721(f): 

1) domestic production needed for projected national defense requirements; 

2) the capability and capacity of domestic industries to meet national defense requirements, 

including the availability of human resources, products, technology, materials, and other 

supplies and services;

3) the control of domestic industries and commercial activity by foreign citizens as it affects the 

capability and capacity of the United States to meet the requirements of national security;

4) the potential effects of the proposed or pending transaction on sales of military goods, 

equipment, or technology to any country –

a. identified by the Secretary of State19 –

i. under section 6(j) of the Export Administration Act of 1979, as a country that 

supports terrorism;

ii. under section 6(l) of the Export Administration Act of 1979, as a country of 

concern regarding missile proliferation; or 

iii. under section 6(m) of the Export Administration Act of 1979, as a country of 

concern regarding the proliferation of chemical and biological weapons; 

b. identified by the Secretary of Defense as posing a potential regional military threat to 

the interests of the United States; or 

c. listed under section 309(c) of the Nuclear Non-Proliferation Act of 1978 on the “Nuclear 

Non-Proliferation-Special Country List” (15 C.F.R. Part 778, Supplement No. 4) or any 

successor list; 

5) the potential effects of the proposed or pending transaction on United States international 

technological leadership in areas affecting United States national security;

6) the potential national security-related effects on United States critical infrastructure, including 

major energy assets;

 

19 While the Export Administration Act of 1979 was repealed and replaced with the Export Control Act of 2018, 

CFIUS continues to take into account the same national security factors identified under Section 721(f) of the 

Defense Production Act as reflected in the currently applicable successor laws.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

50

7) the potential national security-related effects on United States critical technologies;

8) whether the covered transaction is a foreign government-controlled transaction, as determined 

under subsection (b)(1)(B) of Section 721;

9) as appropriate, and particularly with respect to transactions requiring an investigation under 

subsection (b)(1)(B) of Section 721, a review of the current assessment of:

a. the adherence of the subject country to nonproliferation control regimes, including 

treaties and multilateral supply guidelines, which shall draw on, but not be limited to, 

the annual report on “Adherence to and Compliance with Arms Control, 

Nonproliferation and Disarmament Agreements and Commitments,” required by section 

403 of the Arms Control and Disarmament Act; 

b. the relationship of such country with the United States, specifically on its record on 

cooperating in counter-terrorism efforts, which shall draw on, but not be limited to, the 

report of the President to Congress under section 7120 of the Intelligence Reform and 

Terrorism Prevention Act of 2004 [unclassified]; and

c. the potential for transshipment or diversion of technologies with military applications, 

including an analysis of national export control laws and regulations; 

10) the long-term projection of United States requirements for sources of energy and other critical 

resources and materials; and

11) such other factors as the President or the Committee may determine to be appropriate, 

generally or in connection with a specific review or investigation. 

Additionally, on September 15, 2022, President Biden issued Executive Order 14083 “Ensuring Robust 

Consideration of Evolving National Security Risks by the Committee on Foreign investment in the United 

States.” This Executive Order reflects the evolving national security threat landscape and elaborates and 

expands on the existing list of factors, outlined above, that CFIUS considers when reviewing transactions 

for national security risks and describes the potential national security implications in key areas. It did 

not alter CFIUS authorities but sharpened the Committee’s focus on several national security risk factors 

including supply chain resiliency and security, the effects of a transaction on technological leadership in 

areas affecting national security, aggregate industry investment trends, cybersecurity, and sensitive 

data.

In future reporting periods, CFIUS will continue to take into account these national security 

considerations and to consider whether the transactions may have had the above-listed or any other 

adverse effects.
51

CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022 

H. Compliance Plans and Assessment of Compliance with Mitigation Agreements and Conditions

Section 721(m) directs the Committee to report on the statistics on compliance plans conducted and 

actions taken by the Committee under subsection (l)(6) of Section 721, including subparagraph (D) of 

that subsection, during that period, a general assessment of the compliance of parties with agreements 

entered into and conditions imposed under subsection (l)(3)(A) of Section 721 that are in effect during 

that period, including a description of any actions taken by the Committee to impose penalties or 

initiate a unilateral review pursuant to subsection (b)(1)(D)(iii) of Section 721, and any 

recommendations for improving the enforcement of such agreements and conditions. 

Of the mitigation agreements and conditions entered into by the Committee, 214 are currently being 

monitored. Twenty-two mitigation agreements and conditions were modified materially in 2022, 

including 16 of those that were terminated. All of the 44 mitigation agreements that were entered into 

for transactions filed in 2022 have compliance plans. 

For each of the agreements monitored by the Committee, CFIUS and the monitoring agencies have 

worked to ensure compliance by the parties. Monitoring agencies reported having conducted 44 site 

visits in 2022. Where monitoring agencies identified instances of noncompliance in mitigation 

agreements and conditions, they assessed the noncompliance and worked with the parties to achieve 

remediation, as appropriate. The Committee did not assess or impose penalties or initiate a unilateral 

review of a transaction pursuant to Section 721(b)(1)(D)(iii) during 2022. 

As a general matter, during the reporting period, where mitigation agreements in the form of National 

Security Agreements (NSAs) negotiated and signed by the lead agency or agencies included provisions 

regarding a third-party monitor, the NSA also includes a provision to ensure that conflicts of interest 

between the monitor and transaction parties do not arise. 

CFIUS will continue engaging with parties subject to mitigation agreements or conditions and 

independent monitors to improve compliance, engaging more broadly with industry, advisors, and 

practitioners to encourage a culture of compliance, and increasing staff resources dedicated to 

monitoring and enforcement activities. CFIUS will also continue to assess noncompliance on a case-bycase basis as it evaluates whether civil penalties or other measures should be implemented. 
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

52

I. Non-Notified Transactions

CFIUS used various methods to identify non-notified and non-declared transactions in 2022 including 

interagency referrals, tips from the public, media reports, commercial databases, and congressional 

notifications.

CFIUS continues to identify potential methods to enhance the identification of non-notified and nondeclared transactions including continued hiring of dedicated staff and increased training and attention 

of existing staff across CFIUS member agencies to further coordination and effective identification of 

transactions to pursue. CFIUS also continues to learn from its efforts to establish, centralize, and grow 

its staff devoted to this issue, and over time the team has become more sophisticated in its approach to 

launching inquiries and working through other channels to detect and assess national security issues 

posed by foreign investment. Transactions that originate through the non-notified process remain 

among the most complicated that CFIUS considers. Such cases often require mitigation measures to 

address national security risks.

There were 84 transactions identified through the established process in 2022 that were put forward to 

the Committee for consideration. Of those 84 transactions, 11 resulted in a request for filing. In

addition to those 11 requests, eight non-notified transactions that were identified in prior calendar 

years resulted in a 2022 request for filing. The reportable number of potential non-notified transactions 

identified through the established process does not reflect instances where the parties decide to 

voluntarily file a declaration or notice upon receipt of non-notified-related outreach but prior to a 

formal request, nor does it reflect the much larger number of transactions considered by the 

Committee—including individual member agencies—as potential non-notified transactions, which 

regularly number in the thousands.

The volume of overall non-notified transactions that were put forward to the Committee for 

consideration may continue to decrease as CFIUS works through its consideration of transactions that 

pre-date the Committee’s current, increased level of resources. For example, in 2020, approximately 80 

percent of the Committee’s work in this regard focused on pre-FIRRMA transactions, whereas that 

number reduced to approximately 26 percent in 2021; it is now less than one percent. CFIUS is now 

primarily focused on monitoring more recent foreign investments for potential non-notified and nondeclared transactions, but will continue to assess pre-FIRRMA transactions as new information becomes 

available to the Committee.
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53

J. Committee Hiring

Following the Committee's implementation of FIRRMA, all CFIUS member agencies designated an 

Assistant Secretary, or an equivalent official, who is appointed by the President, by and with the advice 

and consent of the Senate, to carry out such Committee duties as the member of the Committee may 

retain or delegate. 

The Committee also acknowledges and continues to implement special hiring authority pursuant to 

subsection (k)(4)(b). The interagency focus on hiring has included posting job announcements, 

participating in university recruitment programs, and utilizing direct hire authority to attract qualified 

candidates with transferrable skills and at various levels from a variety of relevant backgrounds.

In addition to increasing the number of case officers dedicated to reviews and investigations of covered 

transactions, Treasury has established and grown teams dedicated to other functions such as nonnotified and non-declared transactions, monitoring and enforcement, collaboration with international 

partners and allies, and investment security policy. Treasury’s Office of Investment Security is 

redoubling its efforts to grow its staff commensurate with the increased workload of the Committee 

across all functions since the passage of FIRRMA. In addition to growing the case officer and managerial 

ranks, Treasury for the first time is hiring individuals for their specific technical expertise across a variety 

of disciplines, such as cybersecurity, natural and formal sciences, and enforcement.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

54

SECTION II: CRITICAL TECHNOLOGIES

Introduction

This section of the Annual Report has been prepared in accordance with Section 721(m)(3), which 

requires:

“(A) an evaluation of whether there is credible evidence of a coordinated strategy by 

one or more countries or companies to acquire United States companies involved in 

research, development, or production of critical technologies for which the United 

States is a leading producer;

(B) an evaluation of whether there are industrial espionage activities directed or directly 

assisted by foreign governments against private United States companies aimed at 

obtaining commercial secrets related to critical technologies; and

(C) a description of the technologies recommended by the chairperson under subsection 

(a)(6)(B) of Section 721 for identification under the interagency process set forth in 

section 1758(a) of the Export Control Reform Act of 2018.”

Definitions & Methodologies

For subsection II-A, CFIUS provides the U.S. Intelligence Community (IC) with a list of transactions

involving one or more critical technologies (collectively the 2022 critical technology transactions) that 

the IC analyzes to determine which transactions, if any, meet this Report’s definition of a coordinated 

strategy. The definition of “critical technologies” is set forth in 31 C.F.R. § 800.215, Provisions Pertaining 

to Certain Investments in the United States by Foreign Persons (the CFIUS regulations), published in the 

Federal Register on January 17, 2020. See the Appendix for this definition. “Critical technology 

companies” are U.S. companies that CFIUS identified for this section of the Report involved in research, 

development, or production of critical technologies. The Appendix also provides the approach used to 

conduct the analyses required by Section 721 as it relates to critical technologies. Finally, the Appendix

lists the agencies and other entities that participated in preparing this section of the Report. 
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

55

A. Whether There is Credible Evidence of a Coordinated Strategy to Acquire Critical Technology 

Companies

1. Key Judgments

A meaningful summary of the IC assessment cannot be provided on an unclassified basis. However, the 

IC considered the unclassified data included in this section in conducting its analysis.

2. Summary of Foreign M&A Activity in the United States

Using the methodology described in the Appendix, CFIUS reviewed 181 covered transactions involving 

acquisitions of U.S. critical technology companies in 2022. This number reflects total volume of cases 

and does not account for transactions that were refiled or originated as declarations. CFIUS agencies 

and the IC evaluated all relevant transactions for indications of a coordinated strategy, as defined for 

this Report, to acquire U.S. critical technologies.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

56

3. Frequency of Activity by Countries and Companies

Table II-1 lists the originating countries for acquisitions of U.S. critical technology companies reviewed 

by CFIUS in 2022. This table reflects total filing volume, including transactions which were withdrawn 

and refiled, and does not represent distinct transactions.

Table II-1: Foreign Acquirers of U.S. Critical Technology in 2022 Covered Transactions

Home Country or Geographic Economy 2022

Japan 16

France 14

Canada 13

United Kingdom 13

South Korea 12

Singapore 11

Sweden 11

Germany 9

Ireland 9

China 8

Israel 5

Luxembourg 5

Austria 4

Jersey 4

Saudi Arabia 4

Australia 3

Cayman Islands 3

Guernsey 3

Italy 3

New Zealand 3

Norway 3

Brazil 2

Czech Republic 2

India 2

Netherlands 2

United Arab Emirates 2

Bahrain 1

Belgium 1
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

57

Home Country or Geographic Economy 2022

British Virgin Islands 1

Chile 1

Denmark 1

Finland 1

Isle Of Man 1

Malta 1

Mauritius 1

Mexico 1

Qatar 1

Russia 1

Spain 1

Taiwan 1

Ukraine 1
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

58

As shown in Figure II-1 below, the largest number of notices filed with CFIUS in 2022 involved foreign 

acquisitions of U.S. companies in the Machinery Manufacturing sector.

Figure II-1: Critical Technology Transactions by Sector of U.S. Target Company, 2022
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

59

B. Whether Foreign Governments used Espionage Activities to Obtain Commercial Secrets Related to 

Critical Technologies

1. Key Finding

The IC judges that foreign governments are extremely likely to use a range of collection methods to 

obtain critical U.S. technologies.

 According to the Office of the Director of National Intelligence’s (ODNI) 2023 Annual Threat 

Assessment and 2018 National Counterintelligence and Security Center Report to Congress, 

foreign economic, industrial, and cyber espionage by foreign actors like China, Russia, Iran, and 

North Korea against the United States continues to represent a significant threat to U.S. 

prosperity, security, and competitive advantage. Foreign intelligence services and threat actors 

working on their behalf continue to represent the most persistent and pervasive cyber 

intelligence threat tied to economic espionage and the potential theft of U.S. trade secrets and 

proprietary information. Countries with closer ties to the United States have also conducted 

cyber espionage and other forms of intelligence collection to obtain U.S. technology. Federal 

research institutions, universities, and corporations are regularly targeted by cyber actors 

seeking proprietary information. 
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

60

SECTION III: FOREIGN DIRECT INVESTMENT IN THE UNITED STATES BY COUNTRIES THAT BOYCOTT 

ISRAEL OR DO NOT BAN TERRORIST ORGANIZATIONS 

Introduction

This section of the Annual Report has been prepared in accordance with section 7(c) of FINSA (codified 

at 50 U.S.C. § 4565 n.), which provides: 

1) STUDY REQUIRED.-Before the end of the 120-day period beginning on the date of enactment of

this Act and annually thereafter, the Secretary of the Treasury, in consultation with the

Secretary of State and the Secretary of Commerce, shall conduct a study on foreign direct

investments in the United States, especially investments in critical infrastructure and industries

affecting national security, by-

(A) foreign governments, entities controlled by or acting on behalf of a foreign government,

or persons of foreign countries which comply with any boycott of Israel; or

(B) foreign governments, entities controlled by or acting on behalf of a foreign government,

or persons of foreign countries which do not ban organizations designated by the

Secretary of State as foreign terrorist organizations.

2) REPORT-Before the end of the 30-day period beginning upon the date of completion of each

study under paragraph (1) and thereafter in each annual report under section 721(m) of the

Defense Production Act of 1950 (as added by this section), the Secretary of the Treasury shall

submit a report to Congress, for transmittal to all appropriate committees of the Senate and the

House of Representatives, containing the findings and conclusions of the Secretary with respect

to the study described in paragraph (1), together with an analysis of the effects of such

investment on the national security of the United States and on any efforts to address those

effects.
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61

A. Summary of Findings and Conclusions of Study

 Mergers with, and acquisitions of, U.S. companies (M&A), the main form of foreign direct 

investment into the United States, by investors from the countries described in section 7(c)(1) of 

FINSA that were completed between January 1, 2022, and December 31, 2022 (subject M&A 

transactions), represent a small percentage of the total number of such foreign direct 

investment flows into the United States.

 The value of subject M&A transactions with publicly reported values was $3.9 billion. As 

described in subsection III-C below, not all publicly announced transactions are reported with 

dollar values, so the actual value of subject M&A transactions is greater than $3.9 billion.

 The subject M&A transactions cover several economic sectors.

 With respect to each transaction contained in the study, CFIUS: (i) reviewed and concluded 

action under Section 721 with no unresolved national security concerns; (ii) previously reviewed 

and concluded action on a transaction that gave the foreign acquirer control of the same U.S. 

business; or (iii) reviewed the transaction through procedures that CFIUS and its member 

agencies follow regarding those transactions that are not notified to CFIUS (non-notified 

transactions).
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62

B. Study Methodology

1. Identification of Relevant Countries

To identify those countries that complied with any boycott of Israel at any time in 2022, as required by 

the statute, the Department of the Treasury consulted with the Departments of State and Commerce.

In particular, CFIUS examined the “List of Countries Requiring Cooperation with an International 

Boycott,” published by the Department of the Treasury (pursuant to section 999 of the Internal Revenue 

Code)20 and reports sent to Congress by the Department of State (pursuant to section 564 of the Foreign 

Relations Authorization Act, FY 1994-95), and information collected by the Department of Commerce's 

Office of Antiboycott Compliance. Based on these sources of information, CFIUS interpreted the 

reporting requirement under section 7(c)(1)(A) of FINSA to apply to the following countries: Iran, Iraq, 

Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. 

To identify those countries that did not ban foreign terrorist organizations at any time in 2022, CFIUS 

interpreted section 7(c)(1)(B) of FINSA to apply to countries certified by the Department of State as “not 

cooperating fully with United States antiterrorism efforts” (pursuant to section 40A of the Arms Export 

Control Act, as amended). Those countries were Cuba, the Democratic People’s Republic of Korea 

(DPRK), Iran, Syria, and Venezuela.21

 

20 87 Fed. Reg. 145 (Jan. 3, 2022); 87 Fed. Reg. 19737 (Apr. 5, 2022); 87 Fed. Reg. 39931 (Jul. 5, 2022); 87 Fed. Reg.

59866 (Oct. 3, 2022); 87 Fed. Reg. 79065 (Dec. 23, 2022).

21 87 Fed. Reg. 31051 (May 20, 2022).
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63

2. Scope of Foreign Direct Investment

The following types of transactions are included in the study: (i) transactions notified to CFIUS under 

Section 721; (ii) M&A transactions that were not notified to CFIUS but that its member agencies 

reviewed through procedures that each agency has adopted for this purpose; and (iii) M&A transactions 

that resulted in an ownership stake in a U.S. company of at least 10 percent,22 as contained in the 

Refinitiv database, which is a recognized financial database. 

Refinitiv database: The transaction information contained in this database includes the date of the 

transaction, the respective countries of origin of both the acquirer and the target company, and the 

economic sector of the target company. For most transactions, the database provides the transaction 

value and the percentage of ownership rights acquired.

CFIUS did not include in the study those transactions listed in the Refinitiv database that resulted in an 

ownership stake in a U.S. company of less than 10 percent, where the percent interest acquired was 

available.

 

22 Foreign direct investment is generally understood to imply ownership of at least 10 percent, a benchmark used 

by many statistical agencies around the world, including the Department of Commerce's Bureau of Economic 

Analysis, the Council of Economic Advisers (Economic Report of the President), the International Monetary Fund, 

and the Organization for Economic Cooperation and Development. As noted in the description of the Refinitiv

database, these sources did not always provide information regarding the acquirer's total ownership stake that it 

acquired in the U.S. company. Therefore, some of the transactions analyzed in this study may be portfolio 

investments rather than foreign direct investment.
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64

C. Detailed Findings of Study

1. Identification of the Subject M&A Transactions

The study identified 16 M&A transactions in 2022 involving investors from Iran, Kuwait, Qatar, and Saudi 

Arabia, which are countries that comply with any boycott of Israel.

The study included one M&A transaction in 2022 involving investors from Iran, which is also identified as 

not cooperating fully with U.S. antiterrorism efforts. 

Thirteen of the 16 identified transactions had reported values. The combined value of the reported 

values is approximately $3.9 billion. Data sources consulted for this study did not report, and Treasury 

staff were unable to determine independently, values for three of the 16 transactions analyzed. As a 

result, the value of the 16 transactions is necessarily greater than $3.9 billion. Table III-1 shows the 

number and aggregate value of the transactions for each of the relevant countries.

Table III-1. Aggregate Value of Transactions

Country 2022 Transactions Known Transaction Value 

($ million)

Saudi Arabia 9 $2,822

Qatar 4 $386

Kuwait 2 $667

Iran 1 $5

Total 16 $3,880

The 16 transactions represent several major sectors of the economy. Table III-2 shows the various 

sectors represented by the 16 transactions, noting both the number and aggregate value of the 

transactions for each sector. The largest subsector in the Finance, Information and Services sector—the

largest category represented—was Publishing Industries (except Internet), which encompasses software 

publishing. 

Table III-2. Industries Represented

Sector 2022 Transactions Known Transaction Value 

($ million)

Finance, Information and 

Services 8 $212

Manufacturing 5 $3,001

Wholesale Trade, Retail Trade 

and Transportation 3 $667

Total 16 $3,880
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

65

2. National Security Effects of the Subject M&A Transactions

Each of the 16 transactions was either formally reviewed by CFIUS pursuant to a voluntary notified 

transaction or pursuant to procedures followed by CFIUS and its member agencies regarding nonnotified transactions. According to these procedures, CFIUS agencies monitor M&A activity and identify 

those transactions that have not been voluntarily notified to CFIUS, but which may present national 

security considerations. 

If CFIUS believes that a non-notified transaction may raise national security considerations and may also 

be a covered transaction, CFIUS contacts the parties and requests additional information regarding the 

transaction. If CFIUS determines, after evaluating this additional information, that the transaction is 

covered and that it may raise national security considerations, CFIUS requests the parties file a notice.

In most instances in which CFIUS has requested additional information regarding a transaction, the 

parties respond by filing a voluntary notice. However, should the parties decide they will not file a 

notice after CFIUS requests they do so, any CFIUS agency may initiate a review of the transaction.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

66

APPENDIX 

A. Definition of “Critical Technologies”

As applicable to the transactions that are the subject of this Annual Report, 31 C.F.R. part 800, defines 

“critical technologies” with reference to U.S. export control regulations, as they were determined to be 

the most reliable and accurate means of identifying critical technologies. 

“§ 800.215 Critical technologies. 

The term critical technologies means: 

(a) Defense articles or defense services covered by the United States Munitions List (USML), which 

is set forth in the International Traffic in Arms Regulations (ITAR) (22 C.F.R. parts 120-130);

(b) Those items specified on the Commerce Control List (CCL) set forth in Supplement No. 1 to part 

774 of the Export Administration Regulations (EAR) (15 C.F.R. parts 730-774) that are controlled

pursuant to multilateral regimes (i.e., for reasons of national security, chemical and biological

weapons proliferation, nuclear nonproliferation, or missile technology), as well as those that are

controlled for reasons relating to regional stability or surreptitious listening;

(c) Specially designed and prepared nuclear equipment, parts and components, materials, 

software, and technology specified in the Assistance to Foreign Atomic Energy Activities 

regulations (10 C.F.R. part 810);

(d) Nuclear facilities, equipment, and material specified in the Export and Import of Nuclear 

Equipment and Materials regulations (10 C.F.R. part 110);

(e) Select agents and toxins specified in the Select Agents and Toxins regulations (7 C.F.R. part 331, 

9 C.F.R. part 121, and 42 C.F.R. part 73); and

(f) Emerging and foundational technologies controlled pursuant to section 1758 of the Export 

Control Reform Act of 2018 (50 U.S.C. 4817).”
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CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022 

B. Methodology and Data Sources Used to Assess Foreign Acquisitions of U.S. Critical Technology

Companies 

The definition of critical technologies contained in 31 C.F.R. 800.215 is specific to the CFIUS regulations. 

Therefore, for purposes of Section II of this Annual Report, CFIUS agencies responsible for administering 

U.S. export control regulations analyzed all covered transactions filed with CFIUS in 2022, and their 

agency's own internal records to identify those U.S. critical technology companies that were acquired 

by, or received significant investments from, foreign investors in 2022. Because each export control 

regulation applies to a specific type of critical technology, the amount of information that could be 

analyzed for Section II of this Annual Report was limited. 

31 C.F.R. § 800.215(a): This paragraph pertains to defense articles or defense services covered 

by the United States Munitions List (USML), which is set forth in the International Traffic in Arms 

Regulations (ITAR) (22 C.F.R. parts 120-130). 

Under the provisions of the ITAR, the Department of State regulates robust registration, licensing, and 

compliance processes for any person, whether U.S. or foreign, involved in the export or temporary 

import of a defense article or defense service controlled by the ITAR. This approach enabled the 

Department of State to identify covered transactions in 2022 involving U.S. critical technology 

companies that produce defense articles or services covered under the ITAR. 

31 C.F.R. § 800.215(b): This paragraph pertains to those items specified on the Department of 

Commerce's Control List (CCL), which is set forth in Supplement No. 1 to part 774 of the Export 

Administration Regulations (EAR) (15 C.F.R. parts 730-774). The items on the CCL are 

controlled pursuant to multilateral regimes (i.e., for reasons of national security, chemical and 

biological weapons proliferation, nuclear nonproliferation, or missile technology) as well as for 

reasons relating to regional stability or surreptitious listening. 

31 C.F.R. § 800.215(f): This paragraph pertains to emerging and foundational technologies 

controlled pursuant to section 1758 of the Export Control Reform Act of 2018. 

Firms producing items under the regulations specified in paragraph (b) of 31 C.F.R. § 800.215 are not 

required to register with the Department of Commerce, but, in many cases, must obtain a license from 

the Department of Commerce to export those items (including “deemed exports” to foreign nationals 

in the United States). To identify acquisitions of companies producing items that fall under this part of 

the definition, the Department of Commerce analyzed all covered transactions filed with CFIUS in 2022 

and its internal agency records of export license applications and commodity classification requests. 

31 C.F.R. § 800.215(c): This paragraph pertains to specially designed and prepared nuclear 

equipment, parts and components, materials, software, and technology specified in the 

Assistance to Foreign Atomic Energy Activities regulations (10 C.F.R. part 810).

31 C.F.R. § 800.215(d): This paragraph pertains to nuclear facilities, equipment, and material 

specified in the Export and Import of Nuclear Equipment and Materials regulations (10 C.F.R. 

part 110). 

The Department of Energy used a similar approach to that adopted by the Department of Commerce. 

This entailed comparing a list of all covered transactions filed with CFIUS in 2022 against export 
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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authorizations issued under 10 C.F.R. part 810 and export license requests issued by the Nuclear 

Regulatory Commission under 10 C.F.R. part 110. 

31 C.F.R. § 800.215(e): This paragraph pertains to select agents and toxins specified in the Select 

Agents and Toxins regulations (7 C.F.R. part 331, 9 C.F.R. part 121, and 42 C.F.R. part 73). 

The agents and toxins specified in this paragraph are generally subject to export controls administered 

by the Department of Commerce. Accordingly, the methodology used by the Department of 

Commerce would be the same as that described above.
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C. Analyzing the Acquisitions of U.S. Critical Technology Companies

CFIUS agencies addressed parts (A) and (B) of Section 721(m)(3) of the Defense Production Act of 1950, 

as amended, by doing the following. 

Analyzing the pattern of M&A of U.S. critical technology companies during 2022, while also considering 

transactions in prior years, as appropriate.

 CFIUS agencies concentrated on foreign direct investment through M&A of companies involved

in all critical technologies, regardless of industry.

 CFIUS agencies did not attempt to evaluate issues relating to other avenues of foreign access to

U.S. critical technologies, such as licensing, contracting, or other arrangements that are not

M&A transactions.

Assessing illicit attempts by government intelligence services of major economic competitors to obtain 

military and dual-use critical technologies.

 CFIUS agencies did not attempt to evaluate foreign espionage in areas other than dual-use,

military, or other U.S. critical technologies, or against companies not headquartered in the

United States.

 In addition, CFIUS agencies reviewed available information about other countries that have

historically sought information on critical technologies through the use of those countries'

intelligence services.
CFIUS – ANNUAL REPORT TO CONGRESS – CY 2022

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D. Defining “Coordinated Strategy” for Purposes of Section II of this Annual Report

CFIUS agencies continue to use the following definition of “coordinated strategy.”

A plan of action reflected in directed efforts developed and implemented by a foreign government, in 

association with one or more foreign companies, to acquire U.S. companies with critical technologies. 

The efforts of a single company in pursuit of business goals, absent indications of specific 

government direction, were not considered to be a coordinated strategy. Individual company 

strategies that encompass such business goals may include: entry into the U.S. market, increased 

market share, increased sales, access to new technologies, and diversification out of mature 

industries. 

 Examples of suspect behaviors that could be evidence of a coordinated strategy include:

- A pattern of actual or attempted acquisitions of U.S. firms by foreign entities; 

- Evidence that specific completed or attempted acquisitions of companies with critical 

technologies had been ordered by foreign governments or foreign governmentcontrolled firms; and 

- The provision of narrowly targeted incentives by foreign governments or foreigncontrolled firms (e.g., grants, concessionary loans, or tax breaks), especially those that 

appear to market observers to be disproportionately generous, to acquire U.S. firms 

with critical technologies.
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E. Participating Agencies and Entities - Section II

Department of Commerce

 Bureau of Industry and Security

 International Trade Administration

 National Telecommunications and Information Administration 

Department of Energy 

 National Nuclear Security Administration 

 Nuclear Regulatory Commission 

Department of State

 Bureau of Economic and Business Affairs

 Bureau of Political-Military Affairs

 Bureau of International Security and Nonproliferation

Department of the Treasury 

Intelligence Community Elements

 Office of the Director of National Intelligence, National Intelligence Council

 Air Force Office of Special Investigations

 Army Counterintelligence Center

 Central Intelligence Agency

 Defense Intelligence Agency

 Federal Bureau of Investigation, National Security Branch

 Department of Energy, Office of Intelligence and Counterintelligence

 Department of Homeland Security, Office of Intelligence and Analysis

 Department of State, Bureau of Intelligence and Research

 Department of the Treasury, Office of Intelligence and Analysis

 Marine Corps Intelligence Activity

 Office of the National Counterintelligence Executive, Community Acquisition Risk Section

 National Counterterrorism Center

 National Geospatial-Intelligence Agency

 National Security Agency

 Naval Intelligence (Office of Naval Intelligence and Naval Criminal Investigative Service) 

Executive Office of the President

 Council of Economic Advisers

 National Security Council

 Office of Science and Technology Policy
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