Ben Joseloff, a partner at Cravath, Swaine & Moore and former White House and U.S. Treasury Department official, served as Lead Counsel for the Committee on Foreign Investment in the United States (CFIUS). In this episode, we examine how CFIUS safeguards U.S. national security by reviewing foreign investments. We discuss significant CFIUS cases, emerging trends in transaction reviews, and the implications of upcoming regulations on outbound investments and cryptocurrency. Ben emphasizes the need for corporate leaders to align strategies with national security objectives, highlighting how corporate governance and geopolitical considerations increasingly intersect. If you like this show, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also contribute by subscribing to the Boardroom Governance Newsletter at evanepstein.substack.com This podcast is sponsored by the American College of Governance Counsel.
(0:00) Intro
(1:43) About the podcast sponsor: The American College of Governance Counsel
(2:29) Start of interview
(3:11) Ben's origin story
(9:39) His start at Cravath in 2010
(10:54) His time at the U.S. Treasury Department and the White House.
(15:04) About CFIUS. Reforms from FIRRMA (2018). Control transactions and minority investments in critical technologies, critical infrastructure, or sensitive personal data.
(24:45) Trends in transaction reviews. CFIUS Annual Report to Congress – CY 2023
(30:00) Presidential prohibitions under CFIUS.
(32:23) CFIUS and crypto.
(34:02) The TikTok case.
(36:14) Restrictions on outbound investments in China: AI, semiconductors, and quantum computing.
(42:13) De-risking vs de-coupling from China. Geopolitics and the boardroom.
(44:40) Industrial policies.
(47:21) Advice for corporate directors on national security matters.
(49:30) Books that have greatly influenced his life:
(51:46) His mentors.
(53:04) Quote that he thinks of often or lives his life by. The "Spirit of Liberty" Speech Judge Learned Hand (1944)
(54:34) An unusual habit or absurd thing that he loves.
(55:42) The person he most admires.