WASHINGTON – Sens. Chuck Grassley (R-Iowa), Mike Crapo
(R-Idaho) and Pat Toomey (R-Penn.) are seeking a briefing from the U.S.
Treasury Department and related intelligence and law enforcement partners about
the steps the Biden administration is taking to ensure the integrity of reviews
done by the Committee on Foreign Investment in the United States (CFIUS).
senators, the leading Republicans on the Senate Judiciary, Finance and Banking
Committees, have concerns about foreign governments circumventing CFIUS, which
vets the sale of companies involved in sensitive technology and intellectual
property to foreign entities. The transfer of advanced technologies,
particularly to foreign competitors or adversaries like the Chinese government,
can have serious national security implications.
The senators requested a classified briefing by May 1. Full
text of their letter to Treasury Secretary Janet Yellen follows or can be found
April 13, 2021
Honorable Janet Yellen
of the Treasury
the course of our oversight activities, we’ve taken serious interest in the
transfer of technology, intellectual property and the decision-making process
of the Committee on Foreign Investment in the United States (CFIUS). We
remain concerned about foreign governments, such as China, potentially taking
actions to evade CFIUS reviews in an attempt to undermine U.S. superiority in
leading edge technologies, the CFIUS process, the rules of export controls and
trade, and, as a result, our country’s national security.
ask that the Biden administration explain how it will approach and handle the
threat of foreign government efforts evading the CFIUS process and what, if
any, steps the administration has already taken to thoroughly vet sensitive
transactions in order to ensure the integrity of the CFIUS process and U.S.
we request that Treasury and its relevant intelligence community and law
enforcement partners provide an appropriately classified briefing no later than
May 1, 2021 on these matters. Please contact Josh Flynn-Brown of Senator
Grassley’s Committee staff at 202-224-5225, John O’Hara of Senator Crapo’s
Committee staff at 202-224-4515, and Dylan Clement of Senator Toomey’s
Committee staff at 202-224-7391 with any questions in preparation of this
Somerville, Heather. “Government
‘SWAT Team’ Is Reviewing Past Startup Deals Tied to Chinese Investors.” The Wall Street Journal
, 31 Jan. 2021,