From the Document: "On August 13, 2018, President Trump signed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) (Subtitle A, Title XVII, P.L. 115-232). Various provisions became effective upon implementation, while interim rules for some provisions became effective on October 11, 2018. Among other items, FIRRMA required the Committee on Foreign Investment in the United States (CFIUS) to meet certain deadlines in programs and reporting and develop new regulations. In addition, in October 2018, the Department of the Treasury published in the Federal Register preliminary rules implementing certain provisions of FIRRMA through a pilot program, which took effect on November 10. FIRRMA's implementation may raise several questions for the 116th Congress, such as the extent to which modernization of CFIUS and its review of foreign direct investment transactions for their national security implications will safeguard U.S. national security interests, particularly those related to strategic competition for leading edge technology."
CRS In Focus, IF11135
Congressional Research Service: https://crsreports.congress.gov/