The Foreign Investment Risk Review Modernization Act of 2017 (“S. 2098/H.R. 4311” or FIRRMA) was introduced in the US Congress on November 8, 2017 to institute “a modernization of the processes and authorities” of the Committee on Foreign Investment in the United States (CFIUS or the “Committee”). (FIRMMA, § 2(4), H.R. 4311, 115th Cong., Nov. 8, 2017.) This bill addresses recent calls to reform the process in which the US conducts national security reviews over investments and acquisitions in US business by foreign persons. In our analysis, we provide an overview of key proposed changes to CFIUS, legislative outlook for FIRRMA and key concerns on the expansive oversight over technology businesses.
