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Department of the Treasury, Office of Investment Security: Provisions Pertaining to Certain Investments in the United States by Foreign Persons

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Highlights

GAO reviewed the Department of the Treasury's Office (USDT) of Investment Security new rule on Provisions Pertaining to Certain Investments in the United States by Foreign Persons. GAO found that the final rule revises regulations that implement certain provisions of section 721 of the Defense Production Act of 1950, as amended by the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). Pub. L. No. 115-232, div. 8, title XVII, subtitle A., 132 Stat. 1636, 2173 (2018). The rule incorporates the Committee on Foreign Investments in the United States' jurisdiction over certain non-controlling "other investments." According to Treasury, the final rule also seeks to provide clarity to the business and investment communities with respect to the types of businesses that are covered under "other investment" authority. The final rule also amends several definitions. The interim rule adds a new definition for the term "principal place of business."

Enclosed is our assessment of the Treasury Department's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Janet Temko-Blinder, Assistant General Counsel, at (202) 512-7104.

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