Citing TikTok and Nippon, Treasury wants to boost foreign investment review powers

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. A new proposed rule would strengthen powers for the interagency Committee on Foreign Investment in the United States. It’s tasked with investigating corporate deals for national security concerns and holds power to force the company to change. This comes as high-profile deals involving foreign investment in the U.S., like Chinese firm ByteDance’s social media app TikTok, have received increased scrutiny by lawmakers and even President Biden.