Executive Order 13920, “Securing the United States Bulk-Power System,” issued on May 1 limits the US use of bulk-power system equipment produced by “foreign adversaries.”
The August 2018 enactment of the Foreign Investment Risk Review Modernization Act (FIRRMA) came after more than two years of debate over the appropriate scope of jurisdiction for the Committee on Foreign Investment in the United States (CFIUS).
The US House of Representatives and Senate recently passed the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) as part of the reconciled conference report for the Fiscal Year 2018 National Defense Authorization Act (NDAA).
At the recent NEI Nuclear Fuel Supply Forum, Morgan Lewis partner Giovanna M. Cinelli highlighted important changes to the Committee on Foreign Investment in the United States (CFIUS) transaction review process being considered by Congress that are likely to affect the Energy industry in general and the nuclear industry in particular.
The Atomic Energy Act retains an outdated restriction that prohibits foreign ownership, control or domination (FOCD) of commercial reactor licenses. Foreign companies have been able to make substantial investments in US commercial reactor assets, but because of the current restriction, they are effectively required to partner with a US company that exercises “control” over the assets.