Committee on Foreign Investment in the United States

Program Summary by Budget Activity

Dollars in Thousands

FY 2019 FY 2020 FY 2021 FY 2020 to FY 2021

Budget Activity Operating Plan Enacted Request $ Change % Change

Treasury CFIUS Activities (Fund) $0 $15,000 $15,000 $0 0.0%

Other Member CFIUS Activities (Fund) $0 $5,000 $5,000 $0 0.0%

Treasury Departmental Offices (DO SE) $15,000 $22,341 $24,146 $1,805 8.1%

Subtotal, CFIUS $15,000 $42,341 $44,146 $1,805 4.3%

Anticipated User Fees - CFIUS Fund $0 ($10,000) ($20,000) ($10,000) 100.0%

Total Program Operating Level $15,000 $32,341 $24,146 ($8,195) -25.3%

Direct FTE 32 81 120 39 48.1%

Total Full-time Equivalents (FTE) 32 81 120 39 48.1%

Summary

The Committee on Foreign Investment in the United States (CFIUS) was established in 1975 

under Executive Order 11858 to monitor the impact of foreign investment in the United States, 

and to coordinate and implement federal policy on such investment. CFIUS is composed of nine 

voting member agencies, some of which have multiple subcomponents. CFIUS’ unique design 

leverages the skills, subject matter expertise, and integrated analysis of Committee members and 

other relevant agencies. CFIUS voting members include:

• Department of the Treasury

• Department of Commerce

• Department of Defense

• Department of Energy

• Department of Homeland Security

• Department of Justice

• Department of State

• Office of Science Technology and Policy

• Office of the United States Trade Representative

As both Chair and member of CFIUS, Treasury is responsible for leading CFIUS in establishing 

policies, issuing regulations implementing statutory authority, implementing processes and 

functions, and managing its daily operations. Treasury participates in every aspect of CFIUS, 

including reviews and investigations, policy and international relations, mitigation monitoring 

and enforcement, non-notified transaction analysis, legal support, and national security threat 

assessments. The Office of International Affairs (IA) is responsible for case management and 

coordination and representing the Committee to parties that file notices. The Office of General 

Counsel (OGC) provides legal support to IA and is responsible for certain analyses conducted on

each notice filed with CFIUS.

The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) strengthens CFIUS 

to better address national security concerns arising from some types of investments and 

transactions that were previously outside of its jurisdiction. Additionally, FIRRMA modernized 

CFIUS’ processes to better enable timely and effective reviews of covered transactions. 
FIRRMA also established the CFIUS Fund (the Fund), to be administered by the chairperson 

(the Secretary of the Treasury), to accept appropriated funds for these expanded responsibilities 

and functions, and to collect filing fees.

In recent years, CFIUS’ caseload has increased in volume and complexity. CFIUS reviewed 229

cases in calendar year (CY) 2018 compared to 93 in CY 2010. Transactions generally have also 

become more complex, which had contributed to an increasing investigation rate. CFIUS 

generally investigates cases that require more resource-intensive analysis and/or corrective 

action. In CY 2018, CFIUS investigated approximately 69 percent of cases compared to 38

percent in CY 2010. The FY 2021 budget requests resources necessary to implement FIRRMA 

and handle an anticipated workload of 1,000 cases per year. 

The Administration requests $20 million for the Fund in upfront appropriations that will be offset 

by up to $20 million in offsetting collections from filing fees, which will be established in 

forthcoming regulations. $15 million is proposed for transfer to Treasury to fund capital 

investments and staff to support Committee activities. The remaining $5 million will be available 

for transfer to other CFIUS agencies to facilitate, for example, interagency connectivity with 

Treasury’s information technology (IT) and case management systems, and to address emerging 

needs.

Budget Highlights

Dollars in Thousands

FTE Amount

FY 2020 Enacted 81 $22,341 

Transfer in from CFIUS Fund $15,000 

Subtotal, FY 2020 CFIUS funding 81 $37,341 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $263 

Pay Annualization (2020 3.1% average pay raise) 0 $73 

Pay Raise (1.0% average pay raise) 0 $70 

FERS Contribution Increase 0 $120 

Non-Recurring Costs 0 ($4,867)

Subtotal Changes to Base 0 ($4,604)

FY 2021 Current Services 81 $32,737 

Program Changes:

Program Increases: 39 $6,409 

Staffing to Support CFIUS Caseload Growth 39 $6,409 

FY 2021 President's Budget Request 120 $39,146 

Note: The table reflects Departmental Offices anticipated CFIUS funding; it does not reflect additional $5 million in funding for other agencies 

for a total of $44.146 million indicated previously in 1.1 table in the Department of the Treasury CFIUS Activities chapter of the Congressional 

Budget Justification.

Budget Adjustments

Offsetting User Fees -$20,000,000 / -0 FTE

Treasury and IA anticipate collection of filing fees that will be credited to the Fund as offsetting 

collections. 
Transfer in from CFIUS Fund +$15,000,000 / +0 FTE

The CFIUS Fund anticipates to transfer $15.0 million dollars to the DO Salaries and Expenses 

account to provide for Treasury DO CFIUS activities. 

Maintaining Current Levels (MCLs).......................................................... +$263,000 / +0 FTE

Pay Annualization (3.1%) +$73,000 / +0 FTE

Funds are requested for annualization of the January 2020 3.1% average pay raise. 

Pay Raise (1.0% in 2021) +$70,000 / +0 FTE

Funds are requested for a 1.0% average pay raise in January 2021. 

FERS Contribution Increase +$120,000 / +0 FTE 

Funds are requested for the Federal Employee Retirement System (FERS) contribution rates 

effective FY 2021.

Non-Recurring Costs................................................................................... -$4,867,000 / -0 FTE

Case Management System -$3,189,000 / -0 FTE

IA expects to complete the final phase of development for the CFIUS Case Management System 

in FY 2021. This non-recur encompasses a portion of this funding. 

Secure Spaces -$1,678,000 / -0 FTE

CFIUS anticipates having completed the majority of anticipated facility buildout by FY 2021. 

Program Increases.................................................................................... +$6,409,000 / +39 FTE

Staffing to Support Caseload Growth +$6,409,000 / +39 FTE

Increase in CFIUS staffing to continue in light of anticipated program growth.

Legislative Proposals 

CFIUS has no legislative proposals.

Performance Highlights

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

Budget Activity Performance Measure Actual Actual Actual Target Target

Committee on Foreign Investment in the 

United States (CFIUS)

Timely Review of 

CFIUS Cases 100 100 100 100 100

Description of Performance

In FY 2019 CFIUS took significant steps toward full implementation of the Foreign Investment 

Risk Review Modernization Act of 2018 (FIRRMA). In FY 2019, the Committee administered a 

pilot program to cover certain investments in critical technologies related to specific industries. 

At the end of FY 2019, Treasury published draft FIRRMA regulations to implement the 

remainder of the statute, for public notice and comment. In January 2020, Treasury issued final 

regulations to implement FIRRMA, which become effective on February 13, 2020. Treasury has 
also made substantial progress on various administrative aspects of implementation, including 

with regard to staffing, information technology systems and infrastructure, and facility build-out.

In recognition of the strategic importance of FIRRMA implementation to national security 

Treasury is including this as an Agency Priority Goal. Successful implementation of FIRRMA

will ensure that identified national security risks arising from certain foreign investments—

including from some types of investments and transactions that previously fell outside of CFIUS’

jurisdiction—are addressed in an effective manner.

Timely Review of CFIUS Cases: This measure tracks compliance with statutory deadlines for 

completing national security reviews of transactions notified to the CFIUS to ensure that the 

CFIUS process is timely and efficient. The target (100 percent) was met in CY 2019. IA’s 

target for this measure in CY 2020 and CY 2021 is 100 percent.