When the Committee on Foreign Investment in the United States (CFIUS) identifies national security risks in a deal, it does not automatically ban the transaction. It first considers whether mitigation or other legal authorities can resolve the concerns. If they cannot, the parties may withdraw and abandon the deal, or CFIUS may refer it to the President, who can suspend or prohibit it, including by ordering divestiture. The outcome depends on the transaction and the risks involved.
What a CFIUS risk finding means
CFIUS reviews certain foreign-investment and real-estate transactions; it does not review every foreign investment. A risk finding starts a transaction-specific assessment of whether the national security concerns can be addressed. Treasury says CFIUS seeks mitigation or referral when justified by its risk analysis, rather than treating every identified risk as grounds for prohibition. Treasury’s MineOne statement
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CFIUS can conclude action when it determines there are no unresolved national security concerns. That can include concerns addressed by other laws or risks resolved through mitigation measures agreed to or imposed by CFIUS. CY 2024 Annual Report
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How the process can unfold
1. CFIUS assesses the transaction
Parties may submit a short-form declaration or a written notice. CFIUS has a 30-day assessment period to respond to a declaration. Under the options described in its CY 2024 Annual Report, CFIUS may request a written notice, say it cannot conclude action on the declaration and invite a notice, initiate a unilateral review, or inform the parties that it has concluded all action. CY 2024 Annual Report
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2. Mitigation may let the deal proceed with conditions
CFIUS may negotiate, enter into or impose, and enforce agreements or conditions intended to mitigate transaction-related national security risks. The measures depend on the specific risks and whether they can be controlled effectively, verified, and monitored.
For calendar year 2024, CFIUS adopted mitigation measures or conditions for 25 notices, approximately 12 percent of notices filed that year. It concluded action after entering mitigation agreements for 16 notices, approximately 9 percent of 2024 notices. These are aggregate figures for one reporting year, not odds for an individual deal. CY 2024 Annual Report
3. The parties may withdraw and abandon the deal
If concerns remain and mitigation is inadequate or inappropriate, the parties may withdraw and abandon the transaction. A withdrawal by itself does not mean CFIUS cleared the deal: the report describes withdrawal and abandonment as separate possible steps, and protections may remain in place until abandonment or another disposition.
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In calendar year 2024, CFIUS approved 49 notice withdrawals, all after the investigation period began. Treasury says parties withdrew in most instances after being told the transaction posed a national security risk or after proposed mitigation was not accepted. Some parties later refiled; others abandoned the transaction. CY 2024 Annual Report
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4. CFIUS may refer unresolved concerns to the President
If concerns remain and mitigation is not adequate or appropriate, CFIUS may refer the transaction to the President unless the parties withdraw and abandon it. The President may suspend or prohibit a referred transaction, including by requiring divestiture. Treasury says the President must decide within 15 days after completion of the investigation or the date of referral, and must publicly announce the decision. CY 2024 Annual Report
What presidential action can look like
Recent orders illustrate how the response can turn on the specific asset, location, and risk—not on a universal rule for all transactions.
- Suirui and Jupiter Systems: On July 11, 2025, Treasury said the President ordered Suirui to divest its interests and rights in Jupiter Systems. CFIUS identified a risk of potential compromise of Jupiter products used in military and critical-infrastructure environments. Treasury’s Suirui statement
- MineOne: On May 13, 2024, Treasury described an order requiring MineOne-related parties to divest real estate within one mile of F.E. Warren Air Force Base and remove certain equipment and improvements. Treasury cited the site’s proximity to the base and specialized equipment that could potentially facilitate surveillance or espionage. It said mitigation could not be made sufficiently effective, verifiable, and monitorable. Treasury’s MineOne statement
These cases show possible outcomes, not precedents that predict the result in another deal. Treasury describes CFIUS review as case-by-case. Treasury’s MineOne statement
What recent CFIUS figures do—and do not—tell you
Treasury’s August 7, 2026 release of the CY 2025 Annual Report says CFIUS received 347 notices and declarations of covered transactions or covered real-estate transactions. It also reports that 67 percent of distinct transactions were cleared during the declaration assessment period or the initial notice review period. Those aggregate figures describe activity and early review outcomes; they do not predict what will happen to a particular transaction. Treasury’s CY 2025 Annual Report release
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Confidentiality and compliance
When CFIUS concludes all action on a qualifying transaction, that generally provides safe harbor, with exceptions that include material misstatements and material violations of mitigation agreements. Filings and the fact that a filing exists are generally confidential, subject to exceptions. CY 2024 Annual Report
CFIUS also has compliance and enforcement tools. Treasury’s November 18, 2024 final-rule announcement described expanded information requests for unfiled transactions, authority to set response timelines for mitigation proposals, and expanded penalty and subpoena authorities. Whether a filing is required or a penalty applies depends on the operative rules and transaction facts. Treasury’s final-rule announcement
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