The Department of the Treasury has proposed changes to its system of records notice under the Privacy Act of 1974 for the Committee on Foreign Investment in the United States (CFIUS) Case Management System. These changes will update the legal authorities and clarify regulations to help CFIUS assess and review foreign investments for national security risks. The amendments add new legal authorities and adjust existing ones, allowing CFIUS to better manage and store information related to foreign investments in the U.S. The modifications are set to take effect on March 8, 2021, unless further adjustments are necessary based on public comments received by that date.
Simple Explanation
The Treasury Department wants to update some rules about how they check if outside countries can buy things in the U.S. to make sure it's safe. They're changing how they keep track of this information, and these changes will start on March 8, 2021, unless more adjustments are needed.