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Perhaps you’d be up for a quick video chat? It seems that they have just gotten home from the gym, and are about to remove all their clothing. "Poke." "Hey buddy." "Hey sexy." Say hello back and they’ll respond with a quick story about how incredibly frisky they are feeling. Handsome, muscled, and stripped to the waist, the men introduced themselves with a handful of stock greetings. CFIUS was supposed to stop investment screening from being politicized, but now the politics seem here to stay.Earlier this year, users of the popular gay hookup and dating app Grindr started seeing a sharp increase in the number of attractive men saying hello to them.
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Western governments have already been arguing for several years over whether they should welcome or shun Chinese foreign direct investment, without reaching clear conclusions. Governments’ concerns about foreign ownership are expanding from a narrow focus on military and intelligence to include issues such as data privacy, critical infrastructure, dual-use technology and strategically important industries. The Chinese company Huawei’s ambitions to build 5G wireless networks around the world is already sparking a global diplomatic battle. The European Union is in the midst of introducing a new continent-wide investment screening framework, creating divisions among European countries, with France and Germany advocating a tougher line against China, and Italy, Portugal and Greece welcoming Chinese investments. recently approved the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), which strengthens the CFIUS process and expands review to new kinds of investment. Governments around the world are starting to turn activist on inward foreign investments.
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Investment gets politicized globallyĮdited by Barry Eichengreen and Masahiro Kawai 2015 CFIUS’s decision to pursue Grindr (which was acquired for the relatively small sum of $245 million) after the transaction had already happened signals its willingness to be assertive and scrutinize even small Chinese tech acquisitions. These numbers suggest China is pursuing smaller deals that are more likely to fly under the radar. In 2018, chastened by increased CFIUS scrutiny, these numbers dropped to $2.2 billion for 80 deals. In 2016, China invested $18.7 billion in 107 U.S. The United States is cracking down on Chinese investments. As one international lawyer following the Grindr case recently told the Financial Times, “ Data and data aggregation are now a national security issue.” Last year, CFIUS helped kill a proposed merger between MoneyGram and the Chinese firm Ant Financial, also apparently over data privacy concerns. Although it is impossible to know precisely why CFIUS intervened in this case-the agency is secretive and never discloses the specific justifications for its decisions- reporting suggests these data privacy issues were an important factor. Moreover, since Grindr uses geolocation, it can track its users’ movements. officials and government contractors who could be blackmailed or compromised. Like other social networking companies, Grindr keeps a lot of social data on its customers, including U.S. But the notion that a dating app could threaten national security is not as ludicrous as it seems. The Grindr decision shows how CFIUS is adopting a more expansive view of national security. Between 19, CFIUS blocked only one transaction-but not counting the Grindr deal, it has helped block four deals since 2012. Yet between 20, more than 42 percent of covered transactions produced an investigation. Between 2005 to 2007, less than 5 percent of transactions filed to the agency resulted in a formal investigation to see if there was a problem. In recent years, however, CFIUS has become more suspicious of foreign acquisitions, in response to public and political concerns over China. military site, potentially compromising U.S. For example, in 2012 President Barack Obama, following CFIUS recommendations, ordered a Chinese company to divest its interest in an Oregon wind farm because the company was building wind turbines next to a U.S. companies.ĬFIUS review used to focus on legalities and traditional national security threats. The Ford administration created CFIUS in 1975 to keep foreign investments from being politicized, at a time when Congress was worried about oil-rich nations’ investment in U.S. The decision on Grindr was issued by the Committee on Foreign Investment in the United States(CFIUS), a little-known government body that evaluates the national security implications of foreign investment in the United States.