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U.S. Treasury wants to enhance the power of a little-known, secretive government committee to review deals made between U.S. firms and foreign investors. This comes as high-profile deals involving foreign investment in the U.S. — like Chinese firm ByteDance’s ownership of popular social media app TikTok and Japanese firm Nippon Steel’s bid to purchase Pittsburgh-based U.S. Steel Corp. receive increased scrutiny by lawmakers and even President Joe Biden. A new proposed rulemaking would strengthen powers for the interagency Committee on Foreign Investment in the United States — known as CFIUS — which is tasked with investigating corporate deals for national security concerns and holds power to force the company to divest ownership or change major parts of the firm.

United statesWhite houseDistrict of columbiaJ philip ludvigsonJohn carlinJoe bidenJanet yellenPaul rosenFumio kishidaPaul weissEric tuckerUs steel corpCommittee on foreign investmentJustice departmentKing spaldingAssociated press