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11.17.25
Stephen Heifetz Co-Authors Report Recommending Actions to Improve National Security Reviews of Foreign Investment
Wilson Sonsini partner Stephen Heifetz—who held national security positions at the CIA, Department of Justice, and Department of Homeland Security, including as a Homeland Security representative to the Committee on Foreign Investment in the United States (CFIUS)—and Andrew Grotto, co-director of Stanford University’s Program on Geopolitics, Technology, and Governance and a former senior director on the National Security Council in two presidential administrations, recently co-authored a report offering actionable recommendations for strengthening U.S. investment policy framework and navigating today’s evolving CFIUS landscape.
Alerts
7.31.25
Jupiter in Retrograde: Executive Order Blocks Transaction by Chinese Company
On July 11, 2025, President Trump took the unusual—but no longer rare—step of issuing a divestment order (the Order) on the basis of a recommendation from the Committee on Foreign Investment in the United States (CFIUS). The Order directs the unwinding of the February 2020 acquisition of Jupiter Systems, LLC (Jupiter) by Chinese Company Suirui Group Co., Ltd. (Suirui). Jupiter is a supplier of video-wall processors and other audiovisual equipment, including to the U.S. government and military. CFIUS reviewed and investigated the transaction and reportedly identified national security risks stemming from Suirui’s ownership of Jupiter, related to the potential compromise of Jupiter products used in military and critical infrastructure environments.
Bylined Articles
7.23.25
CFIUS, National Security, and “Magic Beans”: Stephen Heifetz Explores the U.S.–Nippon Steel Deal in Council on Foreign Relations Article
Stephen Heifetz, a partner in Wilson Sonsini’s National Security and Trade practice, authored an article for the Council on Foreign Relations titled “The Nippon–U.S. Steel Deal, a Golden Share, and Magic Beans.”
News Articles
7.09.25
Stephen Heifetz Discusses Federal Oversight and the “Golden Share” in NPR Illinois Interview on Nippon–U.S. Steel Deal
During a segment of The 21st Show on NPR Illinois titled “How Does Nippon’s Acquisition of U.S. Steel Impact Illinois Steelworkers?”, national security and trade attorney Stephen Heifetz, a partner at Wilson Sonsini, offered insight into the federal government’s involvement in the deal. He pointed to several unusual elements, including the prolonged review process by the Committee on Foreign Investment in the United States (CFIUS) and a series of accompanying conditions for approval—developments that, taken together, reflect a more challenging landscape for foreign investors.
Alerts
5.28.25
The CFIUS “Fast-Track” Pilot Program: Why You (Probably) Can Ignore This Space
On May 8, 2025, the U.S. Department of the Treasury (Treasury) announced that it will create a “fast-track pilot program” for certain foreign investors. The stated goal of the program is to streamline investment reviews by the Committee on Foreign Investment in the United States (CFIUS).
News Articles
3.12.25
Foreign Investment Watch Names Joshua Gruenspecht and Stephen Heifetz Among “Top Advisors 2025”
On March 11, 2025, Foreign Investment Watch named Wilson Sonsini partners Joshua Gruenspecht and Stephen Heifetz to its “Top Advisors 2025” list, recognizing top advisors who provide advice and counsel concerning foreign investment and national security in the U.S. and abroad. Josh and Stephen are among the 40 individuals selected to the list, and their accompanying profiles describe the depth of their practices and expertise.
Alerts
3.05.25
President Trump Issues “America First Investment Policy”
On February 21, 2025, the White House released a memorandum titled, “America First Investment Policy” (the Memorandum). The Memorandum describes how this Administration plans to address U.S. national security risks stemming from both inbound investments (i.e., foreign investments into U.S. businesses) and outbound investments (i.e., U.S. investments into foreign businesses and those with close foreign ties).
Alerts
2.04.25
The Busy Lawyer’s Guide to the New “Data Export Control” Rules
On January 8, 2025, the U.S. Department of Justice (DOJ) published final rules (the Final Rules) to prohibit or restrict transactions by U.S. persons that could result in access to sensitive data by persons associated with certain countries of concern, including most notably the People’s Republic of China (PRC); further, broadly defined “data brokerage” with any foreign person can trigger obligations and prohibitions under the Final Rules.
Alerts
2.03.25
Duty Calls . . . and It’s Collect: President Trump Imposes Stiff New Tariffs on Canada, Mexico, and China
On February 1, 2025, President Trump signed new executive orders targeting Canada,1 Mexico,2 and China,3 implementing the first set of tariffs under his new administration. Citing concerns over human trafficking, illicit drug trade, migration, and trade imbalances, the Trump administration invoked the International Emergency Economic Powers Act (IEEPA) to justify the new tariffs.4 These tariffs are the first in what may be a foreign policy shift prioritizing the use of tariffs in lieu of traditional economic and trade sanctions to effectuate changes in the conduct of international actors.
Alerts
1.30.25
All is Fair in Love and Trade War: Valentine's Day Predictions for What Comes Next in U.S. National Security Law
As we head toward Valentine’s Day 2025, everywhere you look, love is all around. Washington, D.C., is no exception—the White House and government agencies seem to be proudly displaying their ardor for changing the country’s national security policies and practices.
Bylined Articles
10.08.24
An Early Holiday Wish . . . for a More Informative CFIUS Annual Report
As the air turns crisp, many of us above the equator will begin to think of the winter holidays. A subset of these people will think about holiday wish-lists. And the thoughts of nearly all of that subset, or at least the healthy portion, will coalesce around two questions:
Client Advisories
5.01.24
New Proposed CFIUS Rules Confirm a More Prosecutorial Regime, But to What End?
New rules proposed by the Committee on Foreign Investment in the United States (CFIUS), released on April 11, 2024, can be understood in two ways: the practical effects and signaling effects.