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House subcommittee questions Treasury's new CFIUS chief on process, confidentiality and outbound screening
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Summary
Assistant Secretary Chris Pilkerton outlined priorities for the Committee on Foreign Investment in the United States (CFIUS)—including a known-investor pilot, process efficiencies, and implementing the COINS Act—while members pressed him on cases, confidentiality, and data/privacy risks.
Assistant Secretary Chris Pilkerton told a House Financial Services subcommittee that his immediate priorities as head of the Treasury’s Office of Investment Security are reducing procedural friction and improving stakeholder communications while retaining rigorous national security reviews.
Pilkington was sworn in on Jan. 5 and used his opening statement to list program goals for 2026: assess national security risks, streamline processes, enforce mandatory filing requirements, engage industry on supply-chain issues, and coordinate internationally. "I already have a big whiteboard in my office that says process, process, process," he said, underscoring the emphasis on efficiency.
Members pressed Pilkerton across ideological lines. Ranking Member Beatty criticized what she described as prior politicization of CFIUS, saying, "This repeated and blatant abuse of power does not make America safer," and urged restoration of corporate-transparency tools to counter anonymous shell companies. Pilkerton repeatedly declined to discuss specific matters that might be or have been before CFIUS, citing statutory confidentiality.
The hearing covered several recurring themes. Members sought clarity on the known-investor pilot and a planned request for information to solicit stakeholder feedback; Pilkerton confirmed the pilot is running and that Treasury will issue public guidance and an RFI. Lawmakers also pressed on outbound screening created by the COINS Act in the most recent National Defense Authorization Act; Pilkerton said Treasury has 450 days to issue regulations and will follow a full notice-and-comment rulemaking process.
Several members raised high-profile public concerns, including prior public controversies involving TikTok and corporate filing terms tied to the Nippon Steel–U.S. Steel matter. Pilkerton declined to litigate specific cases but said the committee’s interagency review is designed to identify risk, evaluate vulnerabilities and craft mitigation where feasible.
Other items included members’ questions about greenfield real-estate acquisitions near military bases, oversight of investments tied to sovereign wealth funds, tracking follow-on investments by parties previously cleared, and data privacy risks tied to emerging technologies. When asked whether transactions close to sensitive sites are reviewed, Pilkerton affirmed they are a priority and referenced statutory protections enacted in the NDAA.
The subcommittee asked for written follow-ups; Pilkerton was asked to respond to additional questions by Feb. 18. The hearing adjourned with the committee keeping open the option of classified briefings and further engagement with Treasury staff.
