Likely Confirmation of CFIUS Official Good Sign for Companies, Law Firm Says

The Senate will likely confirm Tom Feddo as a top official for the Committee on Foreign Investment in the U.S., a “positive and timely development” for companies involved in foreign investment compliance, according to an Aug. 19 post from Arent Fox. Feddo is expected to be named the first assistant secretary of the Treasury for investment security. The position was created in 2018 to increase the authority of CFIUS when it enacted the Foreign Investment Risk Review Modernization Act, the post said.

CFIUS is currently drafting the regulations for FIRRMA, which would be bolstered by the confirmation of Feddo, the post said. The regulations include how to define “critical infrastructure,” “sensitive personal data” and “whether to redefine terms such as control and foreign person;” whether to use “country specification” authority to create a “positive list of low-risk investors;” and “whether and how to impose filing fees,” the post said. The draft regulations are expected to be released this fall, Arent Fox said.