Offices

The Office of Reviews and Investigations (R&I), led by the CFIUS Staff Chairperson, represents Treasury as a lead agency on all transactions filed with CFIUS and is responsible for facilitating the Committee’s determination of each transaction’s effect on the national security of the United States. If the Committee identifies a national security risk arising from a transaction, R&I coordinates with the appropriate stakeholders to articulate the risk and determine how to address it, whether through existing authorities, mitigation measures, or if needed, use of the President’s authority to suspend or prohibit the transaction. R&I manages communications with parties and processing for all notices and declarations filed with CFIUS, including evaluating filings for completeness, coordinating reviews among CFIUS member agencies, tracking statutory timelines, communicating updates to transaction parties on behalf of the Committee, and working to ensure that the Committee resolves cases in accordance with its statutory and regulatory requirements.

The Office of Non-Notified Detection & Response (NNDR) leads and coordinates the Committee’s efforts to identify and assess certain transactions that have not been notified to CFIUS. NNDR may contact the parties to such non-notified transactions to request information, and if the Committee determines that a transaction is covered under CFIUS’s jurisdiction and may raise national security considerations, NNDR may request that the parties file the transaction with CFIUS or the Committee may otherwise initiate a review of the transaction. NNDR also leads the Committee’s efforts to identify and investigate potential failures by parties to declare transactions that are subject to the mandatory declaration requirements under CFIUS’s regulations, taking enforcement action where warranted.

The Office of Compliance & Enforcement (OCE) is responsible for working with CFIUS member agencies to monitor transaction parties’ compliance with mitigation agreements, withdrawal and abandonment letters, and orders issued after the Committee’s review process concludes. OCE represents Treasury as a monitoring agency on all mitigation agreements and works with CFIUS member agencies, government subject matter experts, compliance personnel at mitigated entities, and third-party compliance providers during the lifetime of an agreement to assist mitigated entities fulfill their obligations and protect national security. OCE ensures that CFIUS mitigation agreements appropriately use government resources, do not impose burdens on mitigated entities that are unnecessary to mitigate the national security risk, and remain in force only as necessary to address the national security risk. If mitigated entities violate the terms of their mitigation agreements, OCE investigates, works with the parties to remediate, and, where warranted, can take enforcement action.

The Office of Policy & International Relations (PIR) leads CFIUS policymaking and regulatory rulemaking activities as well as the Committee’s external engagement with Congress, state and local governments and economic development organizations, the governments of U.S. allies and partners, the business community, and other stakeholders. PIR’s work includes administering CFIUS’s regulations, educating and engaging with the business community on the Committee’s mission to preserve an open investment environment consistent with the protection of national security, and providing technical assistance to the governments of U.S. allies and partners to encourage and support their establishment and use of national security-based investment screening mechanisms. PIR also coordinates CFIUS’s participation at domestic and international conferences and other events.

The Office of Research and Analysis (R&A) is composed of scientists, engineers, and other subject matter experts who serve as an in-house technical resource across the inbound and outbound investment security programs. The R&A portfolio encompasses investment security data analysis, science and technology expertise, research, and engagement and collaboration with relevant experts and stakeholders inside and outside the government. R&A also leads the Investment Security Technology Initiative (ISTI), which engages technical experts across government, academia, industry, and the research community to help Treasury and its interagency partners evaluate critical and emerging technologies and anticipate new and evolving national security risks.

The Office of Global Transactions (OGT) administers the Outbound Investment Security Program (OISP), which addresses the threat to the United States posed by investments by U.S. persons into certain countries of concern that seek to develop and exploit sensitive technologies critical for military, intelligence, surveillance, or cyber-enabled capabilities. The OISP prohibits or requires notification of certain investments by U.S. persons involving three categories of advanced products and technologies: Artificial Intelligence, Quantum Information Technologies, and Semiconductors and Microelectronics. OGT performs several functions in support of the OISP, including case management and analysis of notifications submitted by U.S. persons, market monitoring of transactions that were not notified or were prohibited, and enforcing compliance with the program, which can include divestment and monetary penalties.