Legislative Update: Week of January 20, 2020
This week, the U.S Department of the Treasury issued final regulations to “strengthen and modernize” the Committee on Foreign Investment in the United States (CFIUS), which reviews transactions involving foreign investment as they relate to national security. The regulations proposed in September would have inhibited investment in U.S biotech companies by allowing CFIUS to review and block foreign investment in U.S companies dealing with “critical technologies” or “sensitive personal data,” including genetic data. In the final regulations, the Treasury significantly scaled back the types of genetic data covered by CFIUS.
In other Federal news, the US Mexico Canada Agreement (USMCA) was approved by the Senate on Thursday and will be sent to the President to sign. Mexico passed the revised deal in December, but the deal will not go into effect until it is approved by Canada – a vote is expected in the coming weeks. If passed, this deal will replace NAFTA.
Governor Baker will deliver his State of the Commonwealth address on Tuesday where he will outline and discuss his priorities for 2020 and beyond. Then, on Wednesday, he will release his FY2021 budget recommendations.