The Treasury Department is accepting public comments until May 15 on a proposed rule that could allow the Committee on Foreign Investment in the U.S. to impose higher max penalties for certain violations, collect a broader range of information from parties involved in non-notified transactions, give the committee broader subpoena abilities, expand the circumstances in which it may fine a company, and more.

Japan-based Nippon Steel Corp. indicated in a statement March 15 that it has no plans to cancel its proposed acquisition of U.S. Steel Corp. despite President Joe Biden’s newly announced opposition to the $14.9 billion deal (see 2403140049).

President Joe Biden announced March 14 that he plans to oppose the proposed acquisition of U.S. Steel Corp by Japan-based Nippon Steel Corp., saying it is "vital" to keep the 123-year-old American steelmaker in U.S. hands.

President Joe Biden signed into law March 9 an FY 2024 six-bill appropriations package that adds the agriculture secretary to the Committee on Foreign Investment in the U.S. to review agricultural transactions.

Sen. Kevin Cramer, R-N.D., introduced a bill Feb. 8 that would require the Committee on Foreign Investment in the U.S. to respond to a state governor who asks whether a proposed transaction would trigger a CFIUS review.

U.S. commercial space company Momentus has completed the requirements of a 2021 national security agreement with the Committee on Foreign Investment in the U.S., the company announced last week.

The Treasury Department should “carefully scope” its proposed new outbound investment restrictions (see 2308090066 and 2310050035) to ensure U.S. capital does not help China’s military develop its artificial intelligence capabilities, a U.S. congressional commission heard this month.

The Biden administration’s proposal to impose new restrictions on U.S. investment in certain Chinese technology sectors is a complex undertaking that will be difficult to implement, a former Treasury Department official said on Jan. 30.

The Government Accountability Office announced on Jan. 23 that it has published a restricted report, “Foreign Investment in the U.S.: Efforts to Mitigate National Security Risks Can Be Strengthened.”

USDA needs to improve how it collects, tracks and shares information on foreign investment in U.S. farmland, the Government Accountability Office wrote in a report released on Jan. 18.