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ARTICLE · 18 AUGUST 2025

Texas Proposes State-Level CFIUS Review

Lewis Brisbois Bisgaard & Smith LLP
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Houston, Tex. (August 14, 2025) - In early March 2025, the Texas Legislature introduced Senate Bill 2117 and House Bill 5007 relating to the establishment of the Texas Committee on Foreign Investment...

United StatesGovernment, Public Sector
Anna Luczkow
Anna Luczkow
Andrew Pidgirsky
Andrew Pidgirsky
Jane Luxton
Jane Luxton
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Houston, Tex. (August 14, 2025) - In early March 2025, the Texas Legislature introduced Senate Bill 2117 and House Bill 5007 relating to the establishment of the Texas Committee on Foreign Investment ("TCFI") to review certain transactions involving certain foreign entities. The Texas Senate passed S.B. 2117 on March 28, 2025 with sweeping support, while H.B. 5007 was left pending in committee when the Texas Legislature ended its session on June 2, 2025. If H.B. 5007 passes, Texas will become the first state to screen foreign transactions, similar to federal-level CFIUS review.

The Committee on Foreign Investment in the United States ("CFIUS") is composed of heads of federal agencies and reviews certain transactions involving foreign investment in the U.S. to determine the effect of such transactions on national security. Similar to CFIUS, TCFI would consist of officers and heads of various state agencies. Under H.B. 5007, "foreign transactions" comprise mergers,

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