On May 8, 2025, the US Department of the Treasury (Treasury) announced that it “will establish a fast-track process” to facilitate the review by the Committee on Foreign Investment in the United States (CFIUS) of foreign investment into the United States from “allies and partners sources . . . where there is verifiable distance and independence from foreign adversaries or threat actors.” The announcement noted that the contemplated process will include a “Known Investor” portal where information from foreign investors can be collected in advance of investment filings with CFIUS. The process is being developed by Treasury as a pilot program, however, the announcement did not include details for when the process would be rolled out.

The creation of a fast-track process for foreign investors was directed by President Trump in his National Security Presidential Memorandum (NSPM) titled “America First Investment Policy,” issued on February 21, 2025. That NSPM directed the creation of an “expedited ‘fast-track’ process” for investors from allied/partner nations as a way to facilitate greater investment into the US from trusted sources, “subject to appropriate security provisions, including requirements that the specified foreign investors avoid partnering with United States foreign adversaries,” including China and Russia.

On April 24, 2025, Deputy Secretary of the Treasury Michael Faulkender issued a statement that highlighted the possibility of collecting information from foreign investors earlier in the filing process as a way “to more efficiently get [CFIUS] the information needed to conduct risk-based assessments so as to more expediently review transactions.” Deputy Secretary Faulkender noted that maintaining a “knowledge base” on repeat filers would limit the amount of information such filers would need to resubmit with each new filing and could expedite the process. He also noted, consistent with the NSPM, that a key point would be information to establish “the distance and independence” of such trusted investors from foreign adversaries. Based on these comments, it is possible the Known Investor portal is a first-step in creating such a knowledge base for repeat filers before CFIUS.