The Treasury Department released its annual report on the Committee on Foreign Investment in the United States, showing the panel reviewed 347 covered transactions in 2025 even as repeated lapses in federal funding slowed its work.
CFIUS, the interagency body that screens foreign investment for national security risks, is chaired by Treasury and includes the Departments of State, Defense, Justice, Commerce, Energy and Homeland Security, along with the U.S. Trade Representative’s office. The committee reviewed 207 formal notices and assessed 140 declarations last year, according to the report, continuing a decline in overall case volume from a peak of 286 notices in 2022.
Multiple government shutdowns disrupted the committee’s operations in 2025 and early 2026, according to the report. A lapse in appropriations affecting all federal agencies from Oct. 1 to Nov. 12, 2025, tolled statutory case deadlines for more than 120 days in total, followed by additional funding lapses in early 2026 that further delayed certain agencies’ participation. Excluding the tolled days, the committee cleared 67% of covered transactions within the standard 30-day assessment period for declarations or 45-day review period for notices.
China was the leading source of formal investment notices in 2025, accounting for 33, followed by Japan with 23, the United Arab Emirates with 18 and Canada with 15. Looking at declarations, a separate and generally lower-risk filing category, Japan led with 18, followed by France with 14 and Singapore with 13.
The committee reviewed 166 transactions in 2025 involving companies working on critical technologies, the report said, with Japan, France, Israel and Germany the leading source countries. The committee did not disclose the intelligence community’s classified assessment of whether foreign governments are pursuing a coordinated strategy to acquire U.S. critical technology firms, saying a meaningful summary could not be provided publicly.
CFIUS imposed mitigation measures or conditions on 25 notices in 2025 and was monitoring 234 active mitigation agreements as of year-end, according to the report. The panel issued two formal determinations of noncompliance with mandatory filing requirements during the year. Presidential decisions were issued on two transactions reviewed in 2025, including an order prohibiting a purchase and requiring divestment, though the report does not name the transactions or companies involved, consistent with the confidentiality requirements under the committee’s authorizing statute.
Chris Pilkerton, assistant secretary of the Treasury for investment security, said in a statement that the committee would continue to strengthen the “efficiency and transparency” of its processes while remaining focused on national security. Treasury said it launched a “Known Investor Pilot Program” in 2025 to create an expedited review track for investment from allied and partner countries, part of the administration’s America First Investment Policy announced in February 2025.
Separately, the report found 13 merger-and-acquisition transactions in 2025 involving investors from Kuwait, Qatar and Saudi Arabia — countries identified under federal law as complying with a boycott of Israel — with a combined disclosed value of at least $58.5 billion. The report identified no such transactions involving investors from countries designated as not fully cooperating with U.S. antiterrorism efforts, a list that included Cuba, North Korea, Iran, Syria and Venezuela for at least part of the year.
