By Alexander Koff (May 30, 2017, 11:40 AM EDT) -- In the world of cross-border mergers and acquisitions involving U.S. targets, the powers of the Committee on Foreign Investment are well known — or at least they should be. Under the auspices of CFIUS, the president may take action to suspend or prohibit a "covered transaction" that threatens to impair the national security of the United States. A covered transaction means any merger, acquisition or takeover of a U.S. entity by a foreign person. CFIUS determines whether a proposed transaction presents national security risks. The president has the authority to unilaterally initiate a review and may unravel transactions within a certain period of time. Many contemplating cross-border transactions proactively seek CFIUS review, however, because deals reviewed and cleared by CFIUS receive a safe harbor. With an increasing focus on an "America First" policy and protection of certain sectors deemed important to U.S. national security, consideration of CFIUS should be on the standard checklist of those contemplating certain cross-border M&A transactions....