Committee on Foreign Investment in the United States

Program Summary by Budget Activity

Dollars in Thousands

FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023

Budget Activity Operating Plan Annualized 

CR Request $ Change % Change

Treasury CFIUS Activities $15,000 $15,000 $15,000 $0 0.0%

Other Member CFIUS Activities $5,000 $5,000 $5,000 $0 0.0%

Treasury Departmental Offices S&E $22,661 $22,494 $25,611 $3,469 15.4%

Subtotal, CFIUS $42,661 $42,494 $45,611 $3,469 8.2%

Anticipated User Fees - CFIUS Fund ($20,000) ($20,000) ($20,000) $0 0.0%

Total Program Operating Level $22,661 $22,494 $25,611 $3,469 15.4%

Direct FTE 93 110 132 22 20.0%

Total Full-time Equivalents (FTE) 93 110 132 22 20.0%

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. The Committee’s 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, 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 or declarations. 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) strengthened 

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

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

Committee 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.

Case volume has increased significantly in recent years, from 172 notices formally reviewed in 

calendar year (CY) 2016 to 303 cases (comprised of 187 notices and 116 declarations) formally 

reviewed in CY 2020. The expanded jurisdiction authorized by FIRRMA took effect February 

13, 2020. CY 2021 data is not yet publicly available, but case totals exceeded CY 2020. The FY 

2023 budget requests resources necessary to handle the increased case workload from FY 2022

(including significantly expanded activity with respect to non-notified transactions), mitigation 

monitoring, and international engagement. 

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, of which $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 other emerging needs.

Budget Highlights

Dollars in Thousands

FTE Amount

FY 2022 Annualized CR 110 $22,494 

Transfer in from CFIUS Fund $15,000 

FY 2022 DO SE CFIUS Base 110 $37,494 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $923 

Pay Annualization (2.7% average pay raise) 0 $143 

Pay Raise (4.6% average pay raise) 0 $743 

Non-Pay 0 $37 

Non-Recurring Costs: 0 ($1,674)

Non-recur to CFIUS investments 0 ($1,674)

Subtotal Changes to Base 0 ($751)

FY 2023 Current Services 110 $36,743 

Program Changes:

Reinvestments: 22 $3,868 

Staffing to support CFIUS caseload growth 22 $3,868 

Subtotal Program Changes 22 $3,868 

FY 2023 President's Budget Request 132 $40,611 

*Note: CFIUS Fund transfers to non-Treasury agencies of $5 million are not included in this table.

**Note: FTEs in the above include 1 FTE funded through reimbursable resources.

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 transferring $15.0 million dollars to the DO Salaries and Expenses 

account to provide for Treasury DO CFIUS activities. 

Maintaining Current Levels (MCLs) ...........................................................+$923,000 / +0 FTE

Pay Annualization (2.7%) +$143,000 / +0 FTE

Funds are requested for annualization of the January 2022 2.7% average pay raise. 

Pay Raise (4.6% in 2023) +$743,000 / +0 FTE

Funds are requested for a 4.6% average pay raise in January 2023. 

Non-Pay +$37,000 / +0 FTE

Funds are requested for non-labor expenses such as travel, contracts, rent, supplies, and 

equipment.

Non-Recurring Costs ....................................................................................-$1,674,000 / -0 FTE

Non-recur to CFIUS investments -$1,674,000 / -0 FTE

Non-recurring costs for CFIUS associated with the baseline completion of CFIUS’s case 

management system and configuration of secure spaces for new CFIUS staff.

Reinvestments ...........................................................................................+$3,868,000 / +22 FTE

Staffing to Support CFIUS Caseload Growth +$3,868,000 / +22 FTE

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

Legislative Proposals 

CFIUS has no legislative proposals.

Performance Highlights 

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

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 2021, Treasury CFIUS continued its growth to support requirements laid out in the 

Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). This includes 

continued investment in infrastructure necessary to support an increase in CFIUS’s 

responsibilities, as well as additional staff to manage the workload growth. FY 2021 was the first 

full year that the CFIUS Fund was entirely fee funded.

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 2021. IA’s 

target for this measure in CY 2022 and CY 2023 is 100 percent.