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Increased concerns about Chinese investment in U.S. companies, as well as Chinese government policies that result in technology transfers from U.S. companies, have fueled bipartisan support for legislative reform of the foreign investment review process. Statutory changes to the jurisdiction and procedures of the Committee on Foreign Investment in the United States (CFIUS) appear likely this year. On May 22, the Senate Banking Committee and the House Financial Services Committee unanimously approved versions of the most prominent CFIUS reform bill, the Foreign Investment Risk Review Modernization Act (FIRRMA). The bill has now passed the full Senate and would significantly expand the number and types of transactions subject to national security review, as well as establish new controls on the export of technology.

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