Department of the Treasury 

Committee on Foreign 

Investment in the United States 

Activities 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2023 

 
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– 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 ........................................... 9

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

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

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

A – Summary of Capital Investments ......................................................................................... 9
CFIUS - 3 

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 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 
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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 Departmental Offices 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. 

1.1 – Appropriations Detail Table 

Dollars in Thousands FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023 

Appropriated Resources Operating Plan Annualized CR Request % Change 

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

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

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

New Appropriated Resources – 

Member Agencies FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Treasury Departmental Offices 

S&E 0 $22,661 0 $22,494 0 $25,611 NA 13.9% 

Subtotal New Appropriated 

Resources 0 $42,661 0 $42,494 0 $45,611 NA 7.3% 

Other Resources 

Anticipated User Fees - CFIUS 

Fund 0 ($20,000) 0 ($20,000) 0 ($20,000) NA 0.0% 

Subtotal Other Resources 0 ($20,000) 0 ($20,000) 0 ($20,000) NA 0.0% 

Total Budgetary Resources 0 22,661 0 $22,494 0 $25,611 NA 13.9% 

FY 2021 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

1.2.1 – CFIUS Fund Budget Adjustments Table 

The total request for Treasury CFIUS activities is $40.963 million, with requested funding 

increases shown in the two Budget Adjustment tables below. 

Dollars in Thousands 

 FTE Amount 

FY 2022 Annualized CR 0 $20,000 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $0 

Non-Recurring Costs 0 $0 

Subtotal Changes to Base 0 $0 

FY 2023 Current Services 0 $20,000 

Program Changes: 

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

FY 2023 President's Budget Request 0 $0 
CFIUS - 5 

1.2.2 – Departmental Offices Budget Adjustments Table 

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.

C – Budget Increases and Decreases Description 

Anticipated User Fees – CFIUS Fund -$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. 
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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. 

1.3– Object Classification (Schedule O) Obligations 

Dollars in Thousands 

 FY 2021 FY 2022 FY 2023 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

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 16,113 20,000 20,000 

Total Non-Personnel $16,113 $20,000 $20,000 

Total Obligations $16,113 $20,000 $20,000 

 

Full-time Equivalents (FTE) 0 0 0 

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

FTE levels are reflected in Departmental Offices Salaries and Expenses 

 
CFIUS - 7 

D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

DEPARTMENTAL OFFICES 

COMMITTEE ON FOREIGN INVESTMENT IN THE UNITED 

STATES FUND 

Federal Funds 

(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 2023, so as to 

result in a total appropriation from the general fund estimated at 

not more than $0. 

Note.--A full-year 2022 appropriation for this account was not 

enacted at the time the budget was prepared; therefore, the budget 

assumes this account is operating under the Continuing 

Appropriations Act, 2022 (Division A of P.L. 117-43, as 

amended). The amounts included for 2022 reflect the annualized 

level provided by the continuing resolution. 

E – Legislative Proposals 

CFIUS has no legislative proposals. 
CFIUS - 8 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

CFIUS supports the following strategic objectives for Strategic Goal 2, to Enhance National 

Security: 

 Objective 2.1: Cyber Resiliency of Financial Systems and Institutions. Harden assets and 

systems of Treasury and the broader financial system to promote financial system resiliency 

 Objective 2.2: Economic Measures to Advance National Security. Enhance and protect 

national security through the application of targeted financial measures and review of certain 

foreign investments. 

This office supports the following strategic objectives for Strategic Goal 4, to Combat Climate 

Change:

 Objective 4.4: Sustainable Treasury Operations. Improve Treasury’s overall environmental 

and energy sustainability and invest in Bureaus’ adaptation and resiliency efforts to address 

climate change impacts on operations and services. 

This office supports the following strategic objectives for Strategic Goal 5, to Modernize 

Treasury Operations:

 Objective 5.1: Recruit and Retain a Diverse and Inclusive Workforce. Recruit and retain a 

diverse workforce that represents communities that Treasury serves. 

 Objective 5.2: Future Work Routines. Transform the Department’s work routines to support 

changing mission and workforce needs. 

 Objective 5.3: Better Use of Data. Increase timely access to and use of quality data and other 

types of evidence to inform decision-making. 

 Objective 5.4: Customer Experience Practices. Mature and embed strong customer 

experience practices across the Department, establishing Treasury’s reputation for 

consistently positive experiences. 

B – Budget and Performance by Budget Activity 

2.1.1 – Treasury CFIUS Activities Resources and Measures 

Performance Measure 

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023 

Actual Actual Actual Actual Actual Target Target Target 

Timely Review of CFIUS 

cases (%) 100 100 100 100 100 100 100 100 

Key: DISC - Discontinued; B - Baseline 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Annualized CR Request

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

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

00000 00

 Resource Level

Full-time Equivalents (FTE)
CFIUS - 9 

2.1.2 – Other Member CFIUS Activities Resources and Measures 

Committee on Foreign Investment in the United States Budget and Performance 

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

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. 

C – Changes in Performance Measures 

With the publication of Treasury’s Strategic Plan for FY 2022 – 2026, CFIUS will work this year 

to baseline performance against the new strategic objectives. This could result in changes to 

performance measures in the FY 2024 budget. 

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 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Annualized CR Request

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

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

00000 00

 Resource Level

Full-time Equivalents (FTE)