Kevin Wolf Quoted by FT on Challenges Posed by Trump Plans to Expand CFIUS
Akin Gump international trade partner Kevin Wolf has been quoted by Financial Times for its article “Trump’s protection plan to keep ‘competitor’ China at bay,” on the U.S. administration’s approaches to reforming the process by which foreign investment is regulated and reviewed.
The article discusses a bill before Congress containing proposed reforms, supported by the Trump administration, of the Committee on Foreign Investment in the United States (CFIUS), the interagency body that reviews inbound investment on national security grounds. Beyond its current responsibilities, CFIUS, were the bill to become law, would also examine outbound investment by U.S. companies.
Discussing the increased scope—and workload—were CFIUS’s areas of responsibility to expand, Wolf, who was the primary Commerce Department senior official responsible for working with CFIUS when he served as Assistant Secretary of Commerce for Export Administration in the Bureau of Industry and Security, said, “The current system can barely handle the 240 cases that it has now, and we are looking at an expansion of scope of hundreds or thousands of additional cases.”
He added, “That’s going to need a very large organization of people and new people at agencies that don’t yet exist. It’s going to create an extraordinary bureaucracy.”