As #TikTok's CEO is being grilled by the US House Committee on Energy and Commerce, it's time to cut through the noise on what the issues are with TikTok and why the USG, through #CFIUS, seems trending toward a force divestiture. First, I cannot disclose anything about this transaction that I learned while working on CFIUS matters in the USG. Everything on this thread is based on information that is publicly available through news reporting.

I want to talk a bit about what's happening right now with respect to a possible screening mechanism for outbound US investment. So, a thread of indeterminate length 1/ Let's start in 2017/18 when the Foreign Investments Risk Review Modernization Act (FIRRMA) was introduced in Congress. FIRRMA was past with broad bipartisan support after a well-run process including 7 congressional hearings. 2/

Reading the EO prohibiting new investment in Russia (among other things) and it’s a big deal. Quick 🧵 As anticipated, the EO rests on IEEPA, National Emergencies Act, and section 301.

By popular demand (thanks @goodhouses) a thread on #natsecurity review of #FDI, #CFIUS, its expansion under Trump, and what we are likely to see from CFIUS during the #Biden administration: CFIUS is the U.S. interagency committee that reviews acquisitions (and now certain investments that fall below this threshold) of U.S. businesses for potential national security risks. The process is mostly voluntary & provides legal safe harbor to cleared transactions.