FIRRMA directed the U.S. Department of the Treasury ("Treasury"), as the chair of CFIUS, to issue regulations that, among other things, address national security concerns arising from foreign investment in U.S. businesses with critical technologies, critical infrastructure, and personal data (referred to in the proposed regulations as "TID U.S. businesses"). The proposed CFIUS regulations implement these provisions of FIRRMA by (i) defining what constitutes a TID U.S. business and (ii) expanding CFIUS's jurisdiction to include not only transactions that result in control of a TID U.S. business, but also "covered investments" that give a foreign person certain rights with respect to a TID U.S. business (together referred to as "covered transactions").
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