U.S. Sen. Thom Tillis (R-NC) on Aug. 6 sponsored legislation to modify current law so that the Committee on Foreign Investment in the United States (CFIUS) has expanded authority to review critical technologies that could have national security implications.
“Right now, CFIUS relies heavily on the Commerce Department to determine what qualifies as an emerging and foundational technology as it relates to reviewing foreign investments,” Sen. Tillis said. “This legislation will simply extend the powers of the CFIUS chair and one other member of CFIUS to determine what technologies are deemed essential to the national security of the United States.
“This is a necessary fix to current law,” said Sen. Tillis, who introduced the untitled S. 4485 with cosponsors U.S. Sens. John Cornyn (R-TX) and Marco Rubio.
Specifically, S. 4485 would amend 2018 law that expanded CFIUS jurisdiction to cover certain critical technologies as a way to prevent China from using investment capital to steal emerging and foundational technologies with a clear U.S. national security application, according to information provided by Sen. Tillis’ office.
Such critical technologies included artificial intelligence, additive manufacturing, quantum computing, autonomous vehicles, augmented or virtual reality, robotics, and blockchain technology, according to the information.
However, the statute relies on the U.S. Commerce Department rulemaking process to determine what is considered an emerging or foundational technology.
If enacted, S. 4485 would expand current law to state that a technology is also considered emerging and foundational if at least the chair of CFIUS and one other interagency member deem a technology essential to U.S. security, according to text of the bill.
S. 4485 has been referred for consideration to the U.S. Senate Banking, Housing, and Urban Affairs Committee.