President Donald Trump signed the Committee on Foreign Investment in the United States reform bill today in Fort Drum, N.Y. U.S. companies dealing with foreign investors will soon have a whole new reality to contend with. 

The bill, the Foreign Investment Risk Review Modernization Act of 2018, was included in the John S. McCain National Defense Authorization Act for fiscal year 2019. It expands the jurisdiction and the powers of the national security review process for transactions, making more reviews by the interagency panel mandatory instead of voluntary. The act also starts a long rulemaking process during which new regulations will be codified under the U.S. Treasury Department—which oversees the committee. They are expected to have a major impact.