The paper focuses on the U.S. investment regulation reform that changed the approaches to the evaluation of foreign investment posed potential risks to national security. The study of this issue implies the analysis of the main factors that induced this reform and also emerging elements of investment regulations contained in the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA). The analysis suggests that the national security risks arise from the increased foreign investment in this country and their changing composition. Committee on Foreign Investment in the United States reviews the largest number of transactions in the computers and electronic products. However, these technologies are the most important component of US competitiveness and technological leadership, and also affect a wide range of national security issues. A special attention is paid to China’s policy. Coordinated by the Chinese government approach serves official strategic purposes, rather than purely commercial interests, such as entry into the U.S. market, increased sales, diversification of investment. Legislative measures, effected by FIRRMA, result in substantial changes in CFIUS authorities, administrative procedures, decision making. An attempt to strengthen the government’s ability to protect national security while preserving the open investment policy does not yet look like a balanced approach.