The Economist Quotes Kevin Wolf on New CFIUS Legislation
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The Economist has quoted Akin Gump international trade partner Kevin Wolf in the article “America and the EU are both toughening up on foreign capital.” The article looks at efforts being made by the United States and European Union to end their transatlantic trade war and join forces to increase scrutiny on Chinese investments overseas.
According to the article, President Trump had considered raising barriers to such investments made by China. He opted, instead, to strengthen an existing investment-screening mechanism, the Committee on Foreign Investment in the United States (CFIUS), and could soon be signing into law the Foreign Investment Risk Review Modernization Act, which would give CFIUS greater authority to examine deals where foreign investors gain control of critical infrastructure or technology, or of personal data.
Early drafts of the legislation, the article reports, were considered too draconian by businesses and former CFIUS officials. Lawmakers have been surprisingly willing to listen to critics, and unusually bipartisan, said Wolf, a former Commerce Department official in the Obama administration. The latest version, he said, should give businesses more clarity on the kinds of technology that will come under CFIUS review.
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