Committee on Foreign Investment in the United States

Program Summary by Budget Activity

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating Plan Operating Plan Request $ Change % Change

Treasury CFIUS Activities $17,000 $16,000 $16,000 $0 0.0%

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

Treasury Departmental Offices S&E $18,012 $19,238 $25,570 $6,332 32.9%

Subtotal, CFIUS $38,012 $40,238 $46,570 $6,332 15.7%

Anticipated User Fees - CFIUS Fund ($22,031) ($21,000) ($21,000) $0 0.00%

Total Program Operating Level $15,981 $19,238 $25,570 $6,332 32.9%

Direct FTE 106 92 141 49 53.3%

Total Full-time Equivalents (FTE) 106 92 141 49 53.3%

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 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 

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’s Departmental Offices (DO) to fund capital investments and staff to support 

Committee activities. The remaining $5 million will be available for transfers 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

Committee on Foreign Investment in the United States 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 

 Staffing to Support CFIUS Caseload Growth 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.

Budget Adjustments

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% in FY 2024) +$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 

As a result of larger-than-expected CFIUS carry-over funding in FY 2023, DO Salaries and 

Expenses included $6 million as a one-time repurposing of CFIUS unobligated balances to fund 

labor costs for drafting regulations and the buildout of an IT system to support soon-to-beproposed national security reviews of investments made outside of the United States by U.S. 

firms. In FY 2024, funding will need to be restored to support CFIUS anticipated workloads.

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. 

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 as demonstrated by 

continued annual caseload increases, enhanced international engagement activities driven by 

external demand, and further implementation of enforcement activities authorized by FIRRMA.

Legislative Proposals 

CFIUS has no legislative proposals.

Performance Highlights 

FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

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 2022, Treasury continued CFIUS’ growth to support requirements laid out in the 

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.