Biden Order Sharpens Foreign Investment Screening Process

President Joe Biden on Thursday signed an executive order that administration officials say aims to sharpen the national security considerations taken in the federal government's review process for foreign investment in the United States. From a report: Administration officials said the the order will bolster oversight by the Committee on Foreign Investment in the United States, an interagency group tasked with reviewing deals and mergers involving foreign people and entities. The committee, known as CFIUS, is made up of members of the departments of State, Defense, Justice, Commerce, Energy and Homeland Security and is led by the Treasury secretary. It sends its findings and a recommendation to the president, who has the power to suspend or prohibit a deal. While the White House said the new order is not targeted toward any particular country, it comes amid growing concern among U.S. officials about China's investments in the U.S. technology sector and other industries. The order calls for CFIUS to weigh whether a foreign investment or sale could affect the resilience of critical U.S. supply chains and the impact it could have on U.S. technological leadership in areas affecting U.S. national security and on broader investment trends.

Read more of this story at Slashdot.