Yellen Defends CFIUS and Biden on Nixing Nippon Steel Deal

U.S. Treasury Secretary Janet Yellen, who is also head of the Committee on Foreign Investment in the United States (CFIUS), said on Jan. 8 that Nippon Steel’s planned acquisition of U.S. Steel received a “thorough analysis” by CFIUS, which was sent to President Joe Biden, who then blocked the deal on national security grounds. Yellen claimed that CFIUS normally decides directly on cases or submits recommendations to the President, but in this case the panel failed to reach a consensus on whether Biden should approve or reject it, leaving the decision to him.