I think that is the million-dollar question. What I was referring to wasn't the IRA, but our agreement with the U.S. on critical minerals. However, I think the principle is the same.
It goes a bit to what my colleague Mr. Hersh talked about in his remarks, which is that we have a system of foreign investment regulation that has a net benefit regime and a national security regime. We have made the decision to subject fewer and fewer investments to review under the economic test within the net benefit regime, while at the same time as expanding, I think, our views of the sorts of things we should be looking at under national security.
However, even under the national security regime, as Mr. Hersh pointed out, it is not a situation where we have a vast number of deals that are going through this process. They are significant matters that have raised issues and have obviously progressed through reviews, but many of them are cleared after a degree of appropriate scrutiny and allowed to proceed.
I think the challenge we have is in trying to have a national security screen that allows us to be a bit more proactive in order to find out what's happening in areas that are emerging so that we're not playing catch-up afterwards, after an investment has been completed. We have a lot more stuff now that we will have to look at in advance. Our hope is that we don't scare off legitimate investors because, for example, we have a mandatory filing policy that may reach out to an extraordinarily large number of sectors.
It's one of the reasons that I wanted to bring the committee back to the U.K.'s attempt to try to put some sort of guidelines around that. Their approach is, in fact, a little wackier than ours. It's not wackier, but it's much broader, because it also technically applies to domestic deals. It's not just a foreign investment review regime.
For them, it was particularly important to have that sort of structure. It's important for us as well, because it will help avoid the chilling effect that I think is implied in your question.