Page 53 - The CFIUS Book
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 3.2. The Review: What is Happening Behind the Scenes
3.2.1. The Process and Purpose of the Review
Under Treasury guidance, the CFIUS process is designed to be limited to “national security considerations” and focus solely on any “genuine national security concerns raised by a covered transaction, not on other national interests.”39 Those provisions are designed to assure that the CFIUS review is not directed to economic protectionism or other national interests.40
Notably, however, Section 721 does not define the term “national security”. Rather, it provides an illustrative list of factors for the President to consider in assessing the risk of the transaction. We listed those factors earlier in Section 1.2.1 but, generally they include the transaction’s effects on:
l Government contracting l Defense production
l Technological leadership l Industrial security
l Resource and energy security l Infrastructure Security
l Export Control Security
l Foreign Government Influence l Proliferation and Terrorism41
l Technology security
The statute also provides that CFIUS may consider any other factors that the Committee

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