Department of the Treasury

Committee on Foreign 

Investment in the United States

Activities

Congressional Budget 

Justification and Annual 

Performance Report and Plan

FY 2021
CFIUS - 2

Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Appropriations Detail......................................................................................................... 4

1.2.1 – CFIUS Fund Budget Adjustments.................................................................................. 4

1.2.2 – Departmental Offices Budget Adjustments.................................................................... 5

C – Budget Increases and Decreases Description....................................................................... 5

1.3 – Object Classification (Schedule O) Obligations................................................................ 6

D – Appropriations Language and Explanation of Changes ...................................................... 7

E – Legislative Proposals............................................................................................................ 7

Section II – Annual Performance Plan and Report................................................................... 8

A – Strategic Alignment ............................................................................................................. 8

B – Budget and Performance by Budget Activity ...................................................................... 8

2.1.1 – Treasury CFIUS Activities Resources and Measures..................................................... 8

2.1.2 – Other Member CFIUS Activities Resources and Measures ........................................... 8

Committee on Foreign Investment in the United States Budget and Performance .................... 9

C – Changes in Performance Measures...................................................................................... 9

D – Evidence-Building Activity ................................................................................................. 9

Section III – Additional Information ........................................................................................ 10

A – Summary of Capital Investments....................................................................................... 10
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Section I – Budget Request

A – Mission Statement

Review certain transactions involving foreign investment in the United States to determine the 

effect of such transactions on the national security of the United States and to address any 

identified national security risks. 

B – Summary of the Request 

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 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, nonnotified 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 modernizes

CFIUS’ processes to better enable timely and effective reviews of covered transactions. 

FIRRMA also establishes 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 rate of investigations. CFIUS 
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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. To fund capital investments and staff to support Committee activities, 

$15 million is proposed for transfer to Treasury. 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, as well as address 

emerging needs.

1.1 – Appropriations Detail

Note: Treasury Departmental Offices S&E values and requests are reflected here for illustrative purposes. Those resources are being requested for 

the Departmental Offices S&E Account.

Note: Treasury CFIUS Activities total $39 million - $15 million transferred from the CFIUS Fund and $20 million requested for the 

Departmental Offices S&E Account.

1.2.1 – CFIUS Fund Budget Adjustments 

The total request for Treasury is $39 million, with requested funding increases shown in the two 

Budget Adjustment tables below. The first table shows the CFIUS Fund only. The second table 

includes both the CFIUS Fund and Treasury CFIUS resources provided in the Departmental 

Offices Salary and Expenses account. 

Dollars in Thousands

Appropriated Resources

FTE AMO UNT FTE AMO UNT FTE AMO UNT FTE AMO UNT

New Appropriated Resources

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

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

New Appropriated Resources - Member Agencies

Treasury Departmental Offices S&E 3 2 $15,000 8 1 $22,341 120 $24,146 48.1% 8.1%

Subtotal New Appropriated Resources 3 2 $15,000 8 1 $42,341 120 $44,146 48.1% 4.3%

O ther Resources

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

Subtotal O ther Resources 0 $ 0 0 ($10,000) 0 ($20,000) NA 100.0%

Total Budgetary Resources 3 2 $15,000 8 1 $32,341 120 $24,146 48.1% -25.3%

FY 2019 FY 2020 FY 2021 FY 2020 to FY 2021

O perating Plan Enacted Request % Change

FTE Amount

FY 2020 Enacted 0 $20,000

Changes to Base:

Maintaining Current Levels (MCLs): 0 $ 0

Non-Recurring Costs 0 $ 0

Subtotal Changes to Base 0 $ 0

FY 2021 Current Services 0 $20,000

Program Changes:

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

FY 2021 President's Budget Request 0 $ 0

Dollars in Thousands
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1.2.2 – Departmental Offices Budget Adjustments

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: Table reflects Departmental Offices anticipated CFIUS funding. Does not reflect additional $5 

million in funding for other agencies for a total of $44.146 million indicated previously in 1.1 table.

C – Budget Increases and Decreases Description

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. 
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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.

1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands

FY 2019 FY 2020 FY 2021

O bject Classification

Actual

O bligations

Estimated

O bligations

Estimated

O bligations

11.1 - Full-time permanent 0 0 0

11.9 - Personnel Compensation (Total) 0 0 0

12.0 - Personnel benefits 0 0 0

Total Personnel and Compensation Benefits $ 0 $ 0 $ 0

94.0 - Financial Transfers 0 20,000 20,000

Total Non-Personnel $ 0 $20,000 $20,000

Total O bligations $ 0 $20,000 $20,000

Full-time Equivalents (FTE) 0 0 0
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D – Appropriations Language and Explanation of Changes

Appropriations Language Explanation of Changes

DEPARTMENT OF THE TREASURY

DEPARTMENTAL OFFICES

Federal Funds

COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED 

STATES FUND

(Including transfer of funds)

For necessary expenses of the Committee on Foreign Investment in 

the United States, $20,000,000, to remain available until expended: 

Provided, That the chairperson of the Committee may transfer such 

amounts to any department or agency represented on the 

Committee (including the Department of the Treasury) subject to 

advance notification to the Committees on Appropriations of the 

House of Representatives and the Senate: Provided further, That 

amounts so transferred shall remain available until expended for 

expenses of implementing section 721 of the Defense Production 

Act of 1950, as amended (50 U.S.C. 4565), and shall be available 

in addition to any other funds available to any department or 

agency: Provided further, That fees authorized by section 721(p) of 

such Act shall be credited to this appropriation as offsetting 

collections: Provided further, That the total amount appropriated 

under this heading from the general fund shall be reduced as such 

offsetting collections are received during fiscal year [2020] 2021, 

so as to result in a total appropriation from the general fund 

estimated at not more than [$10,000,000] $0. (Department of the 

Treasury Appropriations Act, 2020.)

This account was created 

by the Foreign 

Investment Risk Review 

Modernization Act of 

2018. 

E – Legislative Proposals

CFIUS has no legislative proposals.
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Section II – Annual Performance Plan and Report

A – Strategic Alignment

Treasury’s CFIUS activities support the following strategic objective for Strategic Goal 3, to

enhance national security: 

 Objective 3.3 – Economic Strength and National Security: Advance American prosperity and 

security through growth, investment, trade, and expanding the American industrial base 

while protecting national security.

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.

B – Budget and Performance by Budget Activity

2.1.1 – Treasury CFIUS Activities Resources and Measures

Dollars in Thousands

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

 Resource Level Actual Actual Actual Actual Actual Enacted Request

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

Budget Activity Total 0 0 0 0 0 $15,000 $15,000 

Full-time Equivalents (FTE) 0 0 0 0 0 0 0

2.1.2 – Other Member CFIUS Activities Resources and Measures

Dollars in Thousands

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

 Resource Level Actual Actual Actual Actual Actual Enacted Request

Other Member CFIUS 

Activities 0 0 0 0 0 $5,000 $5,000 

Budget Activity Total 0 0 0 0 0 $5,000 $5,000 

Full-time Equivalents 

(FTE) 0 0 0 0 0 0 0

Performance Measure

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 FY 2020 FY 2021

Actual Actual Actual Actual Actual Target Target Target

Timely Review of CFIUS 

Casse 100 100 100 100 100 100 100 100

Number of notices 

reviewed by CFIUS NA NA NA NA NA NA I I

Number of notices that 

proceed to investigation by 

CFIUS

NA NA NA NA NA NA I I

Key: DISC - Discontinued; B - Baseline; I - Indicator; NA - Not Applicable

Note: Prior to FY 2018, CFIUS was reflected in the International Affairs Program Resources section of the Departmental Offices Salaries and 

Expenses Account.
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Committee on Foreign Investment in the United States Budget and Performance

($20,000,000 from direct appropriations):

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

Risk Review Modernization Act of 2018 (FIRRMA). At the beginning of FY 2019, the 

Committee established a pilot program to cover certain investments in critical technologies 

related to specific industries. At the end of FY 2019, Treasury published proposed 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.

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.

C – Changes in Performance Measures

Performance Measure or Indicator Proposed Change and Justification

1. Number of notices that are reviewed 

by the Committee on Foreign 

Investment in the United States per 

calendar year (indicator).

This indicator measures the number of 

notices reviewed by CFIUS as a result of 

updated regulations under FIRRMA.

2. Number of notices that proceed 

beyond the initial review to a 

subsequent investigation. CFIUS 

generally investigates cases that 

require more resource-intensive 

analysis and/or corrective action

(indicator).

This indicator measures the number of 

investigations conducted by CFIUS as a 

result of updated regulations under 

FIRRMA.

D – Evidence-Building Activity

Throughout FY 2019, Treasury’s Office of Investment Security drafted regulations to implement 

the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). The Office relied 

on evidence from a range of sources to shape and effectively scope the final regulations, which 

were published in January 2020. This includes aggregated data on transactions covered under a 

“pilot program” that expanded the scope of transactions subject to review by CFIUS to certain 

non-controlling investments involving foreign persons and certain critical technologies. 

Treasury also benefited from hundreds of individual comments it received on proposed versions 

of the regulations that it published in September 2019. The final regulations update multiple 

provisions in response to a considered analysis of pilot program data and the public comments. 
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Once the final FIRRMA regulations become effective on February 13, 2020, Treasury will 

collect and regularly analyze data on covered transactions that are reviewed by CFIUS and 

monitor the broader national security and investment landscapes to ensure that the final 

regulations are effectively addressing national security concerns. As a result of these activities, 

Treasury may, if necessary, periodically amend the regulations or provide additional information 

to assist the public with compliance. 

In FY 2020, Treasury will begin use of a new, electronic case management system that will 

support this effort and better enable future evidence-building and program evaluation-related 

activities. 

Section III – Additional Information

A – Summary of Capital Investments

A summary of capital investment resources, including major information technology and nontechnology investments related to CFIUS can be found with other DO IT investments at:

https://home.treasury.gov/about/budget-financial-reporting-planning-and-performance/budgetrequestannual-performance-plan-and-reports/summary-of-capital-investments. This website also 

contains a digital copy of this document.