On July 23, 2024, the Treasury Department, as the lead agency of the Committee on Foreign Investment in the United States (CFIUS), released a public version of its 2023 Annual Report to Congress regarding foreign direct investment in the United States. The report highlights key indicators of the CFIUS process and provides statistics on transactions
Regulations Issued to Redesignate BIS as the Authority Administering Rules for Information and Communications Technology and Services Tied to Foreign Adversaries
The Department of Commerce’s Bureau of Industry and Security (BIS) has issued a Final Rule that redesignates regulations governing the procedures for the review of certain transactions involving information and communications technology and services (ICTS) designed, developed, manufactured, or supplied by persons owned by, controlled by, or subject to the jurisdiction or direction of a…
United States and Mexico Act to Protect North American Steel and Aluminum Markets from Unfair Trade
By Scott E. Diamond** & David M. Schwartz on
On July 10, 2024, the United States and Mexico jointly announced measures to protect the North American steel and aluminum markets from unfair trade. Both countries will implement policies to prevent tariff evasion on steel and aluminum and undertake efforts to strengthen North American steel and aluminum supply chains. These efforts are intended to prevent…
BIS Issues Guidance on Addressing Export Diversion Risks to Countries or Entities of Concern
On July 10, 2024, the Department of Commerce’s Bureau of Industry and Security (BIS) published guidance summarizing the actions it takes to identify and inform industry about parties that present diversion risks to countries or entities of concern. This guidance is offered in an effort “to address the evolving tactics of our adversaries to circumvent…
OFAC Continues to Extend Authorizations Under Russia General License 13
On July 10, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) again extended previous Russia-related General License (GL) 13 by issuing a revised GL 13J, “Authorizing Certain Administrative Transactions Prohibited by Directive 4 under Executive Order 14024,” which states that U.S. persons are authorized to pay taxes, fees, or import…
CFIUS Issues Proposed Rule to Expand Coverage of Real Estate Transactions Near Military Installations
On July 8, 2024, the Department of the Treasury’s Office of Investment Security issued a Notice of Proposed Rulemaking seeking to add 59 military installations, across 30 states, to the list of installations around which the Committee on Foreign Investment in the United States (CFIUS) has jurisdiction regarding certain real estate transactions involving foreign persons. …
Two Members of Congress Ask CFIUS to Review Chinese Company’s Purchase of Grain Terminal in Illinois
One week after China’s largest state-run food and agriculture company announced its acquisition of a grain terminal in Cahokia, Illinois, a bipartisan pair of U.S. House members from Illinois urged Treasury Secretary Janet Yellin to conduct “an immediate review of the acquisition to weigh the consequences for America’s national security and the region’s agricultural economy.” …
OFAC Issues General License 40C Continuing to Authorize Certain Transactions Involving the Export of LP Gas to Venezuela
On July 8, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 40C, “Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela.” This revised general license continues authorization of all transactions and activities related to the exportation or reexportation, directly or indirectly…
Treasury Proposes Rule on U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
- The rule would implement Executive Order 14105 of August 9, 2023, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.”
- Treasury has reiterated that any final rule will not prohibit all investment in a country of concern, and that the intent of this process is not to
U.S. Treasury Department Issues Proposed Rule Limiting Outbound Investments in “Countries of Concern”
On June 21, 2024, the Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM), “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.” The NPRM builds on the Advance Notice of Proposed Rulemaking (ANPRM) issued in August 2023 in response to President Joseph Biden’s Executive Order 14105…