Statement by Secretary of the Treasury Janet L. Yellen on President Biden's Executive Order on the Committee on Foreign Investment in the United States – Treasury

Role of the Treasury
Organizational Chart
Orders and Directives
Domestic Finance
Economic Policy
Equity Hub
General Counsel
International Affairs
Public Affairs
Tax Policy
Terrorism and Financial Intelligence
Inspectors General
Alcohol and Tobacco Tax and Trade Bureau (TTB)
Bureau of Engraving & Printing (BEP)
Financial Crimes Enforcement Network (FinCEN)
Bureau of the Fiscal Service (BFS)
Internal Revenue Service (IRS)
Office of the Comptroller of the Currency (OCC)
U.S. Mint
Office of Inspector General (OIG)
Treasury Inspector General for Tax Administration (TIGTA)
Special Inspector General for the Troubled Asset Relief Program (SIGTARP)
Special Inspector General for Pandemic Recovery (SIGPR)
Strategic Plan
Budget Request/Annual Performance Plan and Reports
Agency Financial Report
Inspector General Audits and Investigative Reports
Climate Action Plan
History Overview
Prior Secretaries
Prior Treasurers
The Treasury Building
Freedman’s Bank Building
At Headquarters
At Our Bureaus 
Top 10 Reasons to Work Here
Benefits and Growth
Veterans Employment
How to Apply
Search Jobs
American Families and Workers
Small Businesses
State, Local, and Tribal Governments
American Industry
Revenue Proposals
Tax Expenditures
International Tax
Treaties and Related Documents
Foreign Account Tax Compliance Act (FATCA)
Tax Analysis
Tax Regulatory Reform
Treasury Coupon Issues
Corporate Bond Yield Curve
Economic Policy Reports
Social Security and Medicare
Total Taxable Resources
Asset Forfeiture
311 Actions
Terrorist Finance Tracking Program
Money Laundering
Financial Action Task Force
Protecting Charitable Organizations
Treasury Quarterly Refunding
Interest Rate Statistics
Treasury Securities
Treasury Investor Data
Debt Management Research
Cash and Debt Forecasting
Debt Limit
Financial Stability Oversight Council
Federal Insurance Office
1603 Program
The Community Development Financial Institution (CDFI) Fund
Making Home Affordable
Specially Designated Nationals List (SDN List)
Consolidated Sanctions List
Search OFAC’s Sanctions Lists
Additional Sanctions Lists
OFAC Recent Actions
Sanctions Programs and Country Information
Frequently Asked Questions
OFAC Civil Penalties and Enforcement
Contact OFAC
Financial Literacy and Education Commission
Innovations in Financial Services
Featured Research
The Committee on Foreign Investment in the United States (CFIUS)
Exchange Stabilization Fund
G-7 and G-20
International Monetary Fund
Multilateral Development Banks
Macroeconomic and Foreign Exchange Policies of Major Trading Partners
Exchange Rate Analysis
U.S.-China Comprehensive Strategic Economic Dialogue (CED)
Small and Disadvantaged Business Utilization
Small Business Lending Fund
State Small Business Credit Initiative
Daily Treasury Par Yield Curve Rates
Daily Treasury Par Real Yield Curve Rates
Daily Treasury Bill Rates
Daily Treasury Long-Term Rates
Daily Treasury Real Long-Term Rates
Treasury Coupon Issues
Corporate Bond Yield Curve
Monthly Treasury Statement
Daily Treasury Statement
National Debt to the Penny
Debt Management Overview and Quarterly Refunding Process
Most Recent Documents
U.S International Portfolio Investment Statistics
Release Dates
Forms and Instructions
Report COVID-19 Scam Attempts
Report Scam Attempts
Report Fraud Related to Government Contracts
Inspectors General
Buy, Manage, and Redeem
Treasury Hunt – Search for Matured Bonds
Cashing Savings Bonds in Disaster-Declared Areas
Frequently Asked Questions
Pay for Results (SIPPRA)
Community Development Financial Institution (CDFI) Fund
Where is my Refund?
Lost or Expired Check
Direct Express Card
Non-Benefit Federal Payments
Electronic Federal Benefit Payments – GoDirect
Shop for Coin Products
Shop for Currency Products 
Redeem Damaged Currency
Bureau of Engraving and Printing
U.S Mint
IRS Auctions
Real Estate
General Property, Vehicles, Vessels & Aircraft
Frequently Asked Questions
Internal Revenue Service (IRS) 
IRS Forms, Instructions & Publications
Refund Status
Foreign Account Tax Compliance Act
IRS Forms and Instructions
Savings Bonds – Treasury Securities
Bank Secrecy Act – Fincen 114 and more
OFAC Reporting and License Applications
Treasury International Capital (TIC)
Enterprise Business Solutions (EBS)
Treasury Franchise Fund (TFF)
Administrative Resource Center (ARC)
Shared Services Program (SSP)
Invoice Processing Platform
Historic Treasury Building
Bureau of Engraving and Printing
U.S. Mint
Press Contacts
Weekly Public Schedule Archive
Media Advisories Archive
Subscribe to Press Releases
WASHINGTON – Today, President Biden issued an Executive Order reflecting the evolving national security threat landscape and underscoring the critical role of the Committee on Foreign Investment in the United States (CFIUS or the Committee) in responding to new and emerging threats and vulnerabilities in the context of foreign investment. The Executive Order elaborates and expands on the existing list of factors that CFIUS considers when reviewing transactions for national security risks and describes potential national security implications in key areas. Among other things, the Executive Order enumerates sectors in which supply chain resiliency and U.S. technological leadership face an increasing national security risk — including microelectronics, artificial intelligence, biotechnology, advanced clean energy, and critical materials. The Executive Order also directs CFIUS to consider whether a transaction that it is reviewing implicates specific national security risks related to aggregate industry investment trends, cybersecurity, and U.S. persons’ sensitive data.
“President Biden’s Executive Order highlights CFIUS’s increasing attention to national security risks in several key areas and sharpens the Committee’s focus on protecting America’s national security, while maintaining the U.S. open investment policy,” said Secretary Janet L. Yellen, who serves as chair of CFIUS. “Strengthening our supply chains and protecting against foreign threats enhances our national security, and this Executive Order highlights CFIUS’s important role in that work. It also reaffirms CFIUS’s mission to protect America’s technological leadership and the security of our citizens’ sensitive data from emerging threats.”
The Executive Order builds upon the illustrative list of national security factors in CFIUS’s authorizing statute (section 721 of the Defense Production Act of 1950, as amended) and reflects the evolving nature of national security risks that CFIUS addresses under its current authorities. While the Executive Order provides important context for how CFIUS considers these risks when evaluating the transactions under its jurisdiction, it does not change CFIUS operations or process.
In particular, the Executive Order elaborates on two national security factors contained in the authorizing statute relating to supply chain resiliency and security, and U.S. technological leadership. The Executive Order highlights key sectors where these factors can present a particular risk, including microelectronics, artificial intelligence, biotechnology and biomanufacturing, quantum computing, advanced clean energy, climate adaptation technologies, critical materials, and elements of the agriculture industrial base.
The Executive Order also describes three additional national security factors that CFIUS considers in reviewing transactions under its jurisdiction. The first, aggregate industry investment trends — which refers to the possibility that a foreign person may gradually gain control in a sector or technology through a series of transactions over time — implicates national security risks arising from an individual transaction that may not be apparent when the transaction is viewed in isolation. The second, cybersecurity, involves national security risks posed by malicious actors who are developing capabilities to conduct cyber intrusions or other malicious cyber-enabled activity. The third, risks related to sensitive data, recognizes that data is of increasing value as it can be used for surveillance, tracing, tracking, and targeting of individuals or groups of individuals. Each of these three factors requires particular attention from CFIUS to protect U.S. national security.


Leave a Comment