Treasury blocks foreign investments in critical US firms

Treasury blocks foreign investments in critical US firms

The Treasury Department is restricting investments in U.S. companies in an effort meant to protect critical technology, data and infrastructure from foreign sabotage.

A Treasury panel will ban foreign investors and businesses from acquiring stakes in U.S. firms involved in industries deemed essential to national security, the department announced on Monday. The regulations were issued under a 2018 law that drastically expanded the power of a Treasury panel, called the Committee on Foreign Investment in the U.S. (CFIUS).

The committee was created in 1975 to block foreign acquisitions of U.S. companies that put the country at a competitive disadvantage to international rivals or threaten national security. The panel is chaired by the Treasury secretary and has been central to President Trump’s battle against China’s push to dominate global technology.

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