By a bipartisan vote of 400 to 2, the House of Representatives passed a bill that would expand the powers of the Committee on Foreign Investment in the United States ("CFIUS") and reform the existing export control regime.
The House version of the Foreign Investment Risk Review Modernization Act ("FIRRMA") (H.R. 5841) would, among other things:
The Senate is expected to pass its own version of FIRRMA (S. 2098) after it was advanced by the Senate Banking Committee.
In a statement, President Donald J. Trump praised Congress for making "significant progress toward passing legislation" that will bolster America's ability to protect "critical technologies from harmful foreign acquisitions." He asserted that the legislation has the potential to improve the national defense against "threats posed by foreign investment," and warned that if Congress fails to pass FIRRMA, he is prepared to take executive action to impose new restrictions on transactions that threaten national security.