Project 2025 Tracker / What’s done, what’s next

22. Department of the Treasury · Notable

Realign CFIUS priorities to counter the threat from China

Attempted

703 22. Department of the Treasury

“The interagency Committee on Foreign Investment in the United States should realign its priorities to meet the United States' current foreign policy threats, especially from China.”

What has happened

  1. Attempted

    The America First Investment Policy memorandum realigned CFIUS's stated priorities around the People's Republic of China. Section 2(f) directs that "the United States will use all necessary legal instruments, including the Committee on Foreign Investment in the United States (CFIUS), to restrict PRC-affiliated persons from investing in United States technology, critical infrastructure, healthcare, agriculture, energy, raw materials, or other strategic sectors", and section 3(a) makes the Secretary of the Treasury responsible for implementing it, including by rulemaking. No CFIUS regulation has been amended since, so this is a change of stated priorities rather than of the review process.

Research log

What was searched, and what didn’t count as evidence

Research notes

Follow-through recorded in the note rather than as separate events, because neither changed the Committee’s priorities: Treasury’s request for information on the CFIUS Known Investor Program and streamlining the review process (Federal Register 2026-02481, published 2026-02-09), which implements the memorandum’s “fast-track” for allies rather than its China provisions; and the CFIUS Annual Report to Congress for 2025, released 2026-08-07, which reports 347 notices and declarations and says Treasury “continues to lead efforts to improve national security outcomes and enhance the CFIUS process consistent with President Trump’s America First Investment Policy”.

The memorandum is the single instrument for four asks on printed pages 703-705: this one, #1975 (mitigation monitoring), #1978 (greenfield) and #1980 (outbound investment in China). Each carries its own reading.

Action
other
Object
Committee on Foreign Investment in the United States (CFIUS)
ID
1974