DOI: 10.12957/dep.2016.26506 Abstract This paper aims at carrying out functional analysis of the Committee on Foreign Investment in the United States – CFIUS, following Brazil’s Economic Law tradition. The intention is to identify the function it performs, the legal structure designed for this purpose and the social effectiveness of its existence. Regarding the Committee’s function, CFIUS was an entity conceived by U.S. Government to guarantee its economic sovereignty, enabling control over foreign investments and domestic markets’ regulation. The legal structure designed to fulfill these goals involved the establishment of a premerger notification system whenever foreign buyers try to acquire a US company. The system is conducted by the Committee and is strictly linked to the Presidency. For its analyses, CFIUS makes use of broad hermeneutical criteria, such as (i) critical infrastructure, (ii) key-resources, (iii) critical sectors and (iv) controlling power. Throughout the notification procedure, CFIUS might conclude Mitigation Agreements and recommend the operation’s prohibition. In terms of social effectiveness, CFIUS has experienced three different stages of evolution since its creation in 1975: (i) initially as a body for advisory purposes to the Presidency; (ii) later in 1988, it became responsible for the prohibition of threatening operations to US national security; (iii) after 2012, it increased significantly its activities, when Chinese investments toward the US largely amplified. Finally, when blocking foreign economic agents to exploit US companies against its national interests, CFIUS should be understood within a vast legal framework oriented to protect its economic sovereignty. Keywords: economic law; economic sovereignty; foreign investment; domestic market; CFIUS. Resumo O presente artigo, na tradicao do Direito Economico brasileiro, visa a realizar analise funcional do Committee on Foreign Investment in the United States – CFIUS, buscando identificar a funcao por ele exercida, a estrutura juridica concebida para tanto e a eficacia social de sua atuacao. Funcionalmente, percebe-se que o CFIUS foi a entidade criada pelo Estado norte-americano para a garantia de sua soberania economica, possibilitando o controle do investimento estrangeiro e do mercado interno do pais, num momento de profundas transformacoes na economia politica mundial. A estrutura juridica erigida para o cumprimento desta funcao envolveu a criacao de um sistema de analise previa de operacoes de aquisicao de controle de empresas norte-americanas por capital estrangeiro, conduzida por Comite vinculado a Presidencia da Republica dos EUA, a partir de amplos criterios hermeneuticos como (i) infraestruturas criticas, (ii) recursos-chave, (iii) setores criticos e (iv) poder de controle – com competencia para celebrar acordos de mitigacao de riscos com as partes e recomendar a proibicao do negocio. Quanto a eficacia do CFIUS na realidade norte-americana, percebe-se que o Comite passou por tres diferentes estagios desde sua constituicao, em 1975: (i) inicialmente como orgao de carater informativo a Presidencia da Republica; (ii) posteriormente, em 1988, ganhando competencia para recomendar a proibicao de operacoes problematicas sob a perspectiva da seguranca nacional norte-americana; e (iii) apos 2012, com a escalada dos investimentos chineses nos EUA, intensificando sobremaneira sua atividade. Por fim, reconhece-se que o CFIUS, impedindo que agentes economicos estrangeiros instrumentalizem empresas norte-americanas contrariamente aos seus interesses nacionais, esta inserido em verdadeira arquitetura juridica de protecao a soberania economica do pais. Palavras-chave: direito economico; soberania economica; investimento estrangeiro; mercado interno; CFIUS.