U.S. Sen. David McCormick says an arrangement for Japan-based Nippon Steel to invest in U.S. Steel will guarantee an American CEO, a majority of U.S. board members and U.S. government approval over certain corporate functions.

Nippon Steel's effort to keep its U.S. Steel deal alive offers a glimpse into the strange new world of national security reviews. Why it matters: More time to close, and more attention to politics, is likely to play into reviews by the Committee on Foreign Investment in the U.