Three lawmakers have introduced a measure designed to expand the Committee on Foreign Investment in the United States (CFIUS’s) jurisdiction to review foreign investments in emerging and foundational technology.
Sens. Thom Tillis (R-NC), John Cornyn (R-TX), and Marco Rubio (R-FL) maintain the current statute relies on the Commerce Department rulemaking process to determine what is considered an emerging or foundational technology and should be added to the Commerce Control List (CCL) and thereby be subject to CFIUS review.
“This legislation will simply extend the powers of the CFIUS chair and one other member of CFIUS to determine what technologies are deemed essential to the national security of the United States,” Tillis said. “This is a necessary fix to current law, and I am proud to introduce this legislation alongside my colleagues.”
Cornyn said American ingenuity has been the driving force of the nation’s most important technological advancements, which potential adversaries have tried to exploit.
“By being able to efficiently identify technology that could impact national security, we can stop the theft of American intellectual property while ensuring companies can continue to benefit from foreign investment,”
he said.
Rubio noted as Congress and the Trump Administration consider additional action in response to the national security threat posed by technologies from hostile foreign actors, it is critical the CFIUS has the authority to review foreign investment in emerging technologies.