OBS_VALUE: Historically, only voluntarily-submitted transactions were generally subject to approval by the Committee on Foreign Investment, the number of which is a small fraction of total transactions, but CFIUS may review transactions that have not been notified (31 CFR Part 800, § 800.401 Procedures for notice). The screening process, where applicable, is for threats to national security. The Foreign Investment Risk Review Modernization Act of 2018 expands the jurisdiction of CFIUS and brings amendments to CFIUS’s processes, including a new declarations procedure. 