Last week John Cornyn, a Republican US senator, announced legislation that would change how the Committee on Foreign Investment in the United States (Cfius) works. The world and international finance have changed dramatically over the more than four decades since Cfius was established, and the time is ripe for lawmakers to review the process in order to make it work even better.

This little known inter-agency committee has been tasked with vetting transactions for national security risks since 1975. Over time, the task has changed as the threats to national security have changed. From the cold war era to cyber warfare, Cfius has always reflected contemporary preoccupations, such as increased Japanese investment in the US in the early 1990s or the post-9/11 concerns with protecting critical infrastructure.

Fast forward to a changed environment in 2017. National security threats come from different directions and sources. Vulnerabilities are increased via technology. We now have a world characterised by globalisation and trade friction. And, to be clear, it is not just the threats that have changed, but also the structure of deals, the players involved (think private equity), and the kinds of investments that reflect increasing globalisation (think co-investment).