Committee on Foreign Investment in the United States 

Program Summary by Budget Activity 

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 FY 2021 to FY 20222 

Budget Activity Operating Plan Operating Plan Request $ Change % Change 

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

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

Treasury Departmental Offices S&E $22,341 $22,661 $24,556 $1,895 8.4% 

Subtotal, CFIUS $42,341 $42,661 $44,556 $1,895 4.4% 

Anticipated User Fees - CFIUS Fund ($20,000) ($20,000) ($20,000) 0 0.0% 

Total Program Operating Level $22,341 $22,661 $24,556 $1,895 8.4% 

Direct FTE 56 93 120 27 29.0% 

Total Full-time Equivalents (FTE) 56 93 120 27 29.0% 

*The FY 2020 actuals for user fees collected was $3.1 million. FY 2020 collections were impacted by the timing of the final rule issuance 

and decreases to global merger and acquisition activity as a result of the COVID-19 pandemic. 

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, 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, 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 of its 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 responsibilities 

and functions, and to collect filing fees. 

The Treasury Department issued a final rule—effective August 27, 2020—establishing fees for 

any formal written notice of a “covered transaction” or “covered real estate transaction” filed 

with CFIUS. The fee applies to transactions filed as voluntary notices and not to transactions 

submitted as declarations (an abbreviated notification form). The revenue generated from the 

filing fees will offset some of the expenses associated with CFIUS’s activities to protect U.S. 

national security. The fee amount is based on the value of the transaction, according to tiers set 

forth in the rule, and range from $750 to $300,000. 

Pursuant to the final rule establishing filing fees, CFIUS collected over $3 million in filing fees 

in FY 2020, all of which were deposited into the General Fund of the Treasury. For FY 2021, 

over $11 million has been collected through May 21, 2021. While informed by historical 

transaction data, it is inherently difficult to estimate expected filing fee collections, given the 

number of external factors that influence the volume and nature of CFIUS filings in any given 

year—especially in the first year of a new regulatory regime. FY 2020 collections differ from 

the estimate assumed in the FY 2020 budget request for several reasons: that estimate was 

prepared before the final FIRRMA regulations and fee scale were developed and finalized; 

Treasury’s fee rule became effective later than assumed in the FY 2020 budget request; and, the 

COVID-19 pandemic affected global mergers and acquisition activity, which tends to broadly 

correlate with CFIUS filings. 

Case volume has increased significantly in recent years, from 172 notices formally reviewed in 

calendar year (CY) 2016 to 325 cases (comprised of 231 notices and 94 declarations reviewed 

under the critical technology pilot program) formally reviewed in CY 2019. The expanded 

jurisdiction authorized by FIRRMA took effect February 13, 2020. In FY 2021, a planned final 

rule took effect, which modified the mandatory declaration requirement for certain transactions 

involving U.S. businesses that produce, design, test, manufacture, fabricate, or develop one or 

more critical technologies. As 2020 data is not yet publicly available, the case volume reported 

here does not reflect the full impact of that legislation. The FY 2022 budget requests resources 

necessary to handle an anticipated workload of 1,000 cases per year (including significantly 

expanded activity with respect to non-notified transactions), mitigation monitoring, and 

international engagement. 

Treasury requests $20 million for the Fund in upfront appropriations that will be offset by an 

estimated $20 million in offsetting collections from filing fees, of which $15 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. 
Budget Highlights 

Dollars in Thousands 

 FTE Amount 

FY 2021 Operating Plan 93 $22,661 

Transfer in from CFIUS Fund $15,000 

FY 2021 DO SE CFIUS Base 93 $37,661 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $544 

Pay Annualization (1.0% average pay raise) 0 $40 

Pay Raise (2.7% average pay raise) 0 $326 

FERS Contribution Increase 0 $150 

Non-Pay 0 $28 

Non-Recurring Costs 0 ($3,013) 

Non-Recur to CFIUS Investments 0 ($3,013) 

Subtotal Changes to Base 0 ($2,469) 

FY 2022 Current Services 93 $35,192 

Program Changes: 

Program Increases: 27 $4,364 

Staffing to Support CFIUS Caseload Growth 27 $4,364 

Subtotal Program Changes 27 $4,364 

FY 2022 President's Budget Request 120 $39,556 

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

Budget Adjustments 

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 transferring $15.0 million dollars to the DO Salaries and Expenses 

account to provide for Treasury DO CFIUS activities. 

Maintaining Current Levels (MCLs) .......................................................... +$544,000 / +0 FTE

Pay Annualization (1.0%) +$40,000 / +0 FTE 

Funds are requested for annualization of the January 2021 1.0% average pay raise. 

Pay Raise (2.7% in 2022) +$326,000 / +0 FTE 

Funds are requested for a 2.7% average pay raise in January 2022. 

FERS Contribution Increase +$150,000 / +0 FTE 

Funds are requested for the Federal Employee Retirement System (FERS) contribution rates 

effective FY 2022. 

Non-Pay +$28,000 / +0 FTE 

Funds are requested for non-labor expenses such as travel, contracts, rent, supplies, and 

equipment. 
Non-Recurring Costs .................................................................................. -$3,013,000 / -0 FTE 

Non-Recur to CFIUS Investments -$3,013,000 / +0 FTE 

CFIUS will non-recur costs associated with configuring secure spaces for new CFIUS staff. This 

money is anticipated to be reinvested as staff on-board. 

Program Increases ................................................................................... +$4,364,000 / +27 FTE 

Staffing to Support Caseload Growth +$4,364,000 / +27 FTE 

Increase in CFIUS staffing to continue in light of anticipated program growth.

Legislative Proposals 

CFIUS has no legislative proposals. 

Performance Highlights FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

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 February 2020, Treasury published final regulations implementing FIRRMA. These 

regulations effectuated FIRRMA's expansion of the jurisdiction of CFIUS to review certain noncontrolling, non-passive investments by foreign persons into certain types of U.S. businesses, as 

well as certain transactions by foreign persons involving real estate in the United States. The 

regulations also implemented mandatory declarations for two types of transactions—where a 

foreign government is acquiring a “substantial interest” in certain U.S. businesses, and 

transactions involving certain U.S. businesses that produce, design, test, manufacture, fabricate, 

or develop one or more critical technologies. Additionally, the regulations created an exception 

to the mandatory declaration provision for investments by certain foreign persons defined as 

“excepted investors” based on their ties to certain countries identified as “excepted foreign 

states,” and their compliance with certain laws, orders, and regulations. In May 2020, Treasury 

initiated the collection of filing fees for notices filed with CFIUS and launched a secure webbased portal for parties to submit notices and declarations. 

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 2020. IA’s 

target for this measure in CY 2021 and CY 2022 is 100 percent.