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37 Int'l L. News 1 (2008)

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SPECIAL            FOCUS          ISSUE
The Foreign Investment and National Security Act of 2007 (FINSA) reforms and codifies the activities of the Com-
mittee on Foreign Investment in the United States (CFIUS). FINSA became effective in October, with regulations
due to be published by April 2008. Although much of FINSA comprises a codification of changes to CFIUS prac-
tice since September 11, 2001, there are a number of as yet vague pro-
visions requiring scrutiny by the bar.
CFIUS is an interagency body created by presidential
order and chaired by the Secretary of the Treasury. Since
1988, CFIUS has operated under powers granted to
the president by the Exon-Florio amendments to
the Defense Production Act, which authorize the
president to suspend or prohibit any foreign
merger or acquisition of a U.S. company that the
president determines threatens or impairs U.S.
national security
Parties may receive a safe harbor by volun-
tarily filing a notification to CFIUS. This notifica-
tion begins a 90-day process during which the
U.S. government has an opportunity to review the
proposed transaction and address any potential
national security concerns. Companies submit to this
continued on page 4

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