In May 2025, the Treasury Department, as chair of the Committee on Foreign Investment in the United States (CFIUS), announced a new “fast track process to facilitate greater investment in U.S. businesses from ally and partner sources.” This initiative aims to streamline the CFIUS review process for certain trusted investors, potentially reducing the time and uncertainty associated with foreign investment in critical U.S. sectors. This overview outlines key aspects of this new program, its potential benefits, and how entities can prepare for eligibility.
Understanding CFIUS and the Fast Track Program
CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States to determine their effect on national security. CFIUS reviews transactions on a case-by-case basis. The review process can take up to 90 days, with 45 days for the first-stage review and another 45 days for a second-stage investigation. Often, CFIUS utilizes the full 90 days, and sometimes it asks transaction parties to withdraw and refile their notice, which resets the review “clock.”
The idea of a CFIUS fast track program stems from the President Trump’s, February 2025 America First Investment Policy memorandum (the “AFIP Memorandum”). The AFIP Memorandum called for “an expedited ‘fast-track’ process, based on objective standards, to facilitate greater investment from specified allied and partner sources in United States businesses involved with United States advanced technology and other important areas.” This initiative recognizes the importance of attracting investment from trusted partners while safeguarding U.S. national security interests.
In July 2025, Treasury took the first step by inviting a small group of entities to join a pilot program to test the viability of a fast-track process. While the duration of this pilot program and the timeline for extending eligibility to other entities have not been announced, this pilot marks a significant step towards a more efficient investment review landscape. Apart from announcing the launch of a Known Investor portal on a pilot basis, Treasury has not yet provided specific details on the program.
Positioning for Fast Track Eligibility
Entities that frequently invest in the U.S. and have prior experience with CFIUS are well-advised to prepare for inclusion in the fast-track program, particularly by compiling and preparing for presentation information that Treasury is likely to seek from admitted entities. Although CFIUS has not said what information it will seek from fast-track candidates, we expect it to seek information beyond the standard requirements for a CFIUS notice (as per 31 C.F.R. § 800.502). We would advise interested parties to establish, for example:
- Distance and independence from threat actors, or governments or entities deemed a national security risk (e.g., China). In identifying threat actors, CFIUS often considers factors like their geopolitical objectives, history of economic espionage, and cyber capabilities.
- A strong record of adherence to terms of previous CFIUS national security agreements or other similar national security risk mitigation measures. This demonstrates reliability and trustworthiness to CFIUS.
- Proven commitment to a robust, top-to-bottom compliance culture within the organization. This includes internal policies, training, and oversight mechanisms to ensure adherence to relevant laws and regulations, particularly those pertaining to U.S. national security.
Entities seeking fast-track status may also consider making a direct presentation to CFIUS to express their interest in the program at the earliest opportunity. Such a presentation should highlight the entity’s history of trusted investment, its robust compliance framework, and its commitment to U.S. national security interests. Proactive compilation of the aforementioned information should begin immediately to build a comprehensive profile for eventual submission.
Anticipated Benefits of Fast-Track Status
While being part of the fast-track program is not a guarantee that a specific transaction will clear CFIUS, experience suggests several benefits:
- Streamlined Review Process: Having a complete and up-to-date profile on file with CFIUS should help streamline the review process for fast-track entities.
- Reduced Information Requests: Fast-track status should help minimize the number of questions that CFIUS poses to the investor during a review.
- Potentially Shorter Review Times: For transactions involving fast-track entities, CFIUS should be able to shorten the overall review process. An investor’s fast track status may even encourage CFIUS to complete its process during the first-stage review if possible.
- Reduced Risk of Withdrawal and Refiling: Fast track status may incentivize CFIUS to avoid asking transaction parties to withdraw and refile their notice, a tactic sometimes used to reset the review clock and gain additional time.
- Enhanced Negotiating Position (Halo Effect): Beyond formal impacts, fast track status is likely to create an informal “halo effect.” By reducing uncertainty for transaction counterparties, this should enhance the fast-track entity’s appeal as an investment partner and strengthen its negotiating position.
Given the potential advantages of the CFIUS Fast Track Program, entities that frequently invest in the U.S. are encouraged to proactively prepare.
