Department of the Treasury

Committee on Foreign 

Investment in the United States

Activities

Congressional Budget 

Justification and Annual 

Performance Report and Plan

FY 2020
CFIUS - 2

Table of Contents

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

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

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

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

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

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

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

1.3 – Operating Levels Table...................................................................................................... 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 – CFIUS Fund Resources and Measures ........................................................................... 8

CFIUS Fund Budget and Performance ....................................................................................... 8

2.1.2 – Departmental Offices – Committee on Foreign Investment in the United States 

Resources and Measures............................................................................................................. 8

Committee on Foreign Investment in the United States Budget and Performance .................... 8

Section III – Additional Information .......................................................................................... 9

A – Summary of Capital Investments......................................................................................... 9
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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 

facilitates the leveraging of skills, subject matter expertise, and integrated analysis across the 

Committee. CFIUS voting member agencies 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

• U.S. Trade Representative

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

policies, implementing processes and functions, and in its daily operations. Treasury participates 

in every aspect of the process, including reviews and investigations, mitigation and oversight, 

non-notified transaction analysis, legal support, and national security threat assessments. The 

Office of International Affairs (IA) is responsible for case management and coordination for the 

Committee in addition to representing the Committee to parties who 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 the Committee.

The Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) modernized and 

expanded the jurisdiction of the CFIUS to address growing national security concerns over 

foreign exploitation of certain investment structures which traditionally have fallen outside of the 

Committee’s 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 functions and responsibilities and collect filing fees.

In recent years, CFIUS caseload has increased in volume and complexity. CFIUS handled less 

than 100 cases in calendar year (CY) 2010 compared to 238 in CY 2017. Transactions have also 

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

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

action. In CY 2007, CFIUS investigated approximately four percent of cases compared to 
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approximately 73 percent in CY 2017. The FY 2020 budget requests resources necessary to 

implement FIRRMA and handle an expected 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 $10 million in offsetting collections from filing fees, which will be established in 

forthcoming regulation. $15 million is proposed for transfer to Treasury to fund long-term and 

capital investments. The remaining $5 million will be available for transfer to other CFIUS 

agencies, to facilitate, for example, interagency connectivity with Treasury’s IT and case 

management systems, and to address emerging needs.

1.1 – Appropriations Detail Table

1.2.1 – CFIUS Fund Budget Adjustments Table

The total request for Treasury is $35 million, with requested funding increases shown in the two 

Budget Adjustment tables below.
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1.2.2 – Departmental Offices Budget Adjustments Table

C – Budget Increases and Decreases Description

Offsetting User Fees...................................................................................-$10,000,000 / +0 FTE

Offsetting User Fees -$10,000,000 / +0 FTE

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

offsetting collections.

Program Increases ...................................................................................+$20,000,000 / +0 FTE

Transfer to Treasury CFIUS Program +$15,000,000 / +0 FTE

This funding would be transferred from the Fund to Departmental Offices’ Salaries & Expense 

account. This investment will fund development of an end-to-end IT infrastructure comprised of 

a public-facing portal and a case management system to modernize processes and to handle 

anticipated increasing caseloads for CFIUS member agencies that will promote efficiencies in 

the Committee’s processes. Treasury conducted an extensive analysis of alternatives and found 

the best value for such a case management system to cost approximately $13 million. This will 

include the ability to work in both classified and unclassified environments, meeting FedRAMP 

high certification requirements. The remaining $2 million will fund expected increases in secure 

space to support Treasury’s expected CFIUS employee footprint, data subscriptions, and 

temporary contractor resources. The expanded writ of CFIUS under FIRRMA is expected to 

lead to a further increase in complex cases reviewed by the Committee, many of which will 
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include investigating new sectors currently outside of the expertise of CFIUS staff. To address 

these expertise gaps Treasury requires an expanded set of data subscriptions and will 

complement federal staff with temporary contractor resources. This request represents the first 

year of several multi-year projects. Treasury will require steady funding with costs expected to 

partially non-recur as the IT infrastructure projects move from development into operations and 

maintenance. 

Available for Transfer to Member Agencies +$5,000,000 / +0 FTE

This funding will be available for transfer to other CFIUS agencies to facilitate, for example, 

interagency connectivity with Treasury’s IT and case management systems, and for related 

operations. 

1.3 – Operating Levels Table
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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

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 funds provided under this heading to any department or 

agency represented on the Committee (including the Department of 

the Treasury) upon the advance notification of 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 the Defense Production Act of 1950, 

as amended, 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, so as to 

result in a total appropriation from the general fund estimated at 

not more than $10,000,000.

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

Treaury’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.

B – Budget and Performance by Budget Activity

2.1.1 – CFIUS Fund Resources and Measures

CFIUS Fund Budget and Performance

($20,000,000 from direct appropriations)

2.1.2 – Departmental Offices – Committee on Foreign Investment in the United States

Resources and Measures

Note: Prior to FY 2018, CFIUS was reflected in the International Affairs Program Resources section.

Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

IA - Timely Review of CFIUS Cases 100 100 100 100 100 100 100 100

Committee on Foreign Investment in the United States Budget and Performance

($20,000,000 from direct appropriations, $15,000,000 from transfers):

In FY 2018 the Office of International Affairs (IA) rebalanced resource allocations to reflect 

changing mission requirements, including the increasing demands associated with chairing 

CFIUS and the passage of the FIRRMA. IA continued to redirect existing resources from other 

areas to increase its capacity to manage a rising volume of increasingly complex CFIUS cases.

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 FY 2018. IA’s target 

for this measure in FY 2019 and FY 2020 is 100 percent.

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Annualized CR Request

Appropriated Resources 0 0 0 0 0 0 $20,000

Budget Activity Total 0 0 0 0 0 0 $20,000

FTE 0 0 0 0 0 0 0

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Annualized CR Request

Appropriated Resources 0 0 0 0 $6,000 $15,000 $20,000

Other Resource 0 0 0 0 0 0 $15,000

Budget Activity Total 0 0 0 0 $6,000 $15,000 $35,000

FTE 0 0 0 0 26 65 81
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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:

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx

This website also contains a digital copy of this document.