Department of the Treasury

Committee on Foreign 

Investment in the United States

Activities

Congressional Budget 

Justification and Annual 

Performance Plan and Report

FY 2024
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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– Object Classification (Schedule O) Obligations................................................................. 6

D – Appropriations Language and Explanation of Changes ...................................................... 6

E – Legislative Proposals............................................................................................................ 6

Section II – Annual Performance Plan and Report................................................................... 7

A – Strategic Alignment ............................................................................................................. 7

B – Budget and Performance by Budget Activity ...................................................................... 7

2.1.1 – Treasury CFIUS Activities Resources and Measures..................................................... 7

2.1.2 – Other Member CFIUS Activities Resources and Measures ........................................... 7

Committee on Foreign Investment in the United States Budget and Performance .................... 7

Section III – Additional Information .......................................................................................... 7

A – Summary of Capital Investments......................................................................................... 7
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Section I – Budget Request

A – Mission Statement

Review certain transactions involving foreign investment in the United States and certain real 

estate transactions by foreign persons 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. 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 436 cases (comprised of 272 notices and 164 declarations) formally 

reviewed in CY 2021. Case totals exceeded CY 2020 by a total of 123. The FY 2024 budget 

requests resources necessary to handle the increased case workload (including significantly 
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expanded activity with respect to non-notified transactions), mitigation monitoring, and 

international engagement. 

The Administration requests $21 million for the Fund in upfront appropriations that will be offset 

by up to $21 million in collections from filing fees, of which $16 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.

1.1 – Appropriations Detail Table

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Appropriated Resources Operating Plan Operating Plan Request % Change

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Treasury CFIUS Activities 0 $17,000 27 $16,000 39 $16,000 44.4% 0.0%

Other Member CFIUS Activities 0 $3,000 0 $5,000 0 $5,000 NA 0.0%

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Treasury Departmental Offices S&E 76 $18,012 65 $19,238 102 $25,570 56.9% 32.9%

Subtotal New Appropriated Resources 76 $38,012 92 $40,238 141 $46,570 53.3% 15.7%

Other Resources

Anticipated User Fees - CFIUS Fund 0 ($22,031) 0 ($21,000) 0 ($21,000) NA 0.0%

Subtotal Other Resources 0 ($22,031) 0 ($21,000) 0 ($21,000) NA 0.0%

Total Budgetary Resources 76 15,981 92 $19,238 141 $25,570 53.3% 32.9%

Note: FY 2022 Other Resources reflect actuals. 

1.2.1 – CFIUS Fund Budget Adjustments Table

The total request for Treasury is $16 million, with requested funding increases shown in the two 

Budget Adjustment tables below.

Dollars in Thousands

FTE Amount

FY 2023 Operating Plan 0 $21,000 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $0 

Pay Annualization (2023 4.6% average pay raise) 0 $0 

Pay Raise (2024 5.2% average pay raise) 0 $0 

Non-Pay 0 $0 

Subtotal Changes to Base 0 $0 

FY 2024 Current Services 0 $21,000 

Program Changes:

Anticipated User Fees - CFIUS Fund 0 ($21,000)

FY 2024 President's Budget Request 0 $0 
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1.2.2 – Departmental Offices Budget Adjustments Table

Dollars in Thousands

FTE Amount

FY 2023 Enacted 65 $19,238 

Transfer in from CFIUS Fund 27 $16,000 

FY 2023 Operating Plan (DO SE CFIUS Base) 92 $35,238 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $633 

Pay Annualization (2023 4.6% average pay raise) 0 $143 

Pay Raise (2024 5.2% average pay raise) 0 $490 

 Other Adjustments 32 $6,000 

 Restoration of DO SE funding used for non-CFIUS activities in FY 2023 32 $6,000 

 Non-Recurring Costs 0 ($3,370)

 Non-recur to CFIUS investments 0 ($3,370)

Subtotal Changes to Base 32 $3,264 

FY 2024 Current Services 124 $38,502 

Program Changes: 

 Other Adjustments: 17 $3,069 

 FTE adjustment 17 $3,069 

Subtotal Program Changes 17 $3,069 

Total FY 2024 President's Budget 141 $41,570 

Anticipated User Fees 0 ($16,000)

Total FY 2024 Appropriated Resources 0 $25,570 

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

C – Budget Increases and Decreases Description

Anticipated User Fees -$21,000,000 / +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 +$16,000,000 / +0 FTE

The CFIUS Fund anticipates transferring $16.0 million dollars to the DO Salaries and Expenses 

account to support Treasury DO CFIUS activities. 

Maintaining Current Levels (MCLs) ..........................................................+$633,000 / +0 FTE

Pay Annualization (4.6%) +$143,000 / +0 FTE

Funds are requested for annualization of the January 2023 4.6% average pay raise. 

Pay Raise (5.2%) +$490,000 / +0 FTE

Funds are requested for a 5.2% average pay raise in January 2024. 

Other Adjustments ...................................................................................+$6,000,000 / +32 FTE

Restoration of CFIUS funding reduced in FY 2023 +$6,000,000 / +32 FTE 

DO Salaries and Expenses funding used in FY 2023 on efforts related to the national security 

review of investments made outside of the United States by U.S. firms will be reverted to CFIUS 

program activities in FY 2024. 

Non-Recurring Costs ...................................................................................-$3,370,000 / -0 FTE

Non-recur to CFIUS Investments -$3,370,000 / -0 FTE

Non-recurring costs for CFIUS associated with investments in CFIUS’s case management 

system and configuration of secure spaces for new CFIUS staff.
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Other Adjustments ...................................................................................+$3,069,000 / +17 FTE

Staffing to Support CFIUS Caseload Growth +$3,069,000 / +17 FTE

Increase in CFIUS staffing needed to support anticipated program growth.

1.3– Object Classification (Schedule O) Obligations 

Amounts reflect obligations of annually appropriated resources, carryover balances, reimbursables, and transfers. 

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, $21,000,000, 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 

2024, so as to result in a total appropriation from the general fund 

estimated at not more than $0. (Department of the Treasury 

Appropriations Act, 2023.)

E – Legislative Proposals

CFIUS has no legislative proposals.

Dollars in Thousands

FY 2022 FY 2023 FY 2024

O bject Classification

Actual

O bligations

Estimated

O bligations

Estimated

O bligations

94.0 - Financial Transfers 20,220 21,000 21,000

Total Non-Personnel $20,220 $21,000 $21,000

Total O bligations $20,220 $21,000 $21,000

Full-time Equivalents (FTE) 0 0 0
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Section II – Annual Performance Plan and Report

A – Strategic Alignment

CFIUS aligns to the Treasury Strategic Plan.

B – Budget and Performance by Budget Activity

2.1.1 – Treasury CFIUS Activities Resources and Measures

Dollars in Thousands

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

 Resource Level Actual Actual Actual Actual Actual Operating Plan Request

Treasury CFIUS Activities 0 0 $15,000 $15,000 $17,000 $16,000 $16,000 

Budget Activity Total 0 0 $15,000 $15,000 $17,000 $16,000 $16,000 

Full-time Equivalents (FTE) 0 0 0 0 0 27 39

Performance Measure FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Timely Review of CFIUS cases 100% 100% 100% 100% 100% 100% 100% 100%

2.1.2 – Other Member CFIUS Activities Resources and Measures

Dollars in Thousands

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

 Resource Level Actual Actual Actual Actual Actual Operating Plan Request

Other CFIUS Activities 0 0 $5,000 $1,113 $720 $5,000 $5,000 

Budget Activity Total 0 0 $5,000 $1,113 $720 $5,000 $5,000 

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

Committee on Foreign Investment in the United States Budget and Performance

($21,000,000 from direct appropriations):

In FY 2022, 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.

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 2022. IA’s target 

for this measure in CY 2023 and CY 2024 is 100 percent.

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