Planet Money The President's Golden Share in U.S. Steel
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Jul 25, 2025 
Joining the discussion is Sarah Bowerly-Danzman, a political economist and former CFIUS case officer. The conversation dives into the hotly debated acquisition of U.S. Steel by Japan's Nippon Steel, especially the implications of the ‘golden share’—a rare control mechanism allowing government oversight. Sarah unpacks the historical context of golden shares, weighing their potential benefits for attracting foreign investment against concerns of government overreach. It’s a lively examination of the intersection between national security and economic interests.
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Community Reaction to U.S. Steel Sale
- U.S. Steel announced its sale to a Japanese company, Nippon Steel, sparking local concern and political pushback.
- Despite protests, the deal was seen by the company as a lifeline to keep mills open.
CFIUS: Gatekeeper of Foreign Investment
- The U.S. Committee on Foreign Investment (CFIUS) vets foreign acquisitions for national security risks.
- This interagency body keeps most review details secret to protect U.S. interests.
Expanded View of National Security
- National security now includes industries like cybersecurity, AI, and clean energy, expanding beyond defense.
- This broader view lets CFIUS vet investments in many sectors key to economic and security interests.