diff --git a/compiler/forget/src/ReactiveScopes/MemoizeFbtOperandsInSameScope.ts b/compiler/forget/src/ReactiveScopes/MemoizeFbtOperandsInSameScope.ts
index c91df8874d..cfb0d3ce46 100644
--- a/compiler/forget/src/ReactiveScopes/MemoizeFbtOperandsInSameScope.ts
+++ b/compiler/forget/src/ReactiveScopes/MemoizeFbtOperandsInSameScope.ts
@@ -15,21 +15,27 @@ import { eachInstructionValueOperand } from "../HIR/visitors";
 import { ReactiveFunctionVisitor, visitReactiveFunction } from "./visitors";
 
 /**
- * This is a Meta-ism. We special-case the `<fbt>` element for translation purposes,
- * and have a transform that requires the children of this element to be a limited
- * subset of nodes. Notably, any dynamic translation values must appear as
- * `<fbt:param>` children — we disallow identifiers as children of `<fbt>` nodes.
+ * This pass supports the `fbt` translation system (https://facebook.github.io/fbt/).
+ * FBT provides the `<fbt>` JSX element and `fbt()` calls (which take params in the
+ * form of `<fbt:param>` children or `fbt.param()` arguments, respectively). These
+ * tags/functions have restrictions on what types of syntax may appear as props/children/
+ * arguments, notably that variable references may not appear directly — variables
+ * must always be wrapped in a `<fbt:param>` or `fbt.param()`.
  *
- * This PR adds a new pass which finds `<fbt>` nodes and ensures their immediate
- * operands are not independently memoized. Note that this still allows the values
- * of `<fbt:param>` to be independently memoized
+ * To ensure that Forget doesn't rewrite code to violate this restriction, we force
+ * operands to fbt tags/calls have the same scope as the tag/call itself.
+ *
+ * Note that this still allows the props/arguments of `<fbt:param>`/`fbt.param()`
+ * to be independently memoized
  */
 export function memoizeFbtOperandsInSameScope(fn: ReactiveFunction): void {
   visitReactiveFunction(fn, new Transform(), undefined);
 }
 
 class Transform extends ReactiveFunctionVisitor<void> {
-  fbtTags: Set<IdentifierId> = new Set();
+  // Values that represent *potential* references of `fbt` as a JSX tag name
+  // or as a callee.
+  fbtValues: Set<IdentifierId> = new Set();
 
   override visitInstruction(
     instruction: ReactiveInstruction,
@@ -46,10 +52,15 @@ class Transform extends ReactiveFunctionVisitor<void> {
     ) {
       // We don't distinguish between tag names and strings, so record
       // all `fbt` string literals in case they are used as a jsx tag.
-      this.fbtTags.add(lvalue.identifier.id);
+      this.fbtValues.add(lvalue.identifier.id);
+    } else if (value.kind === "LoadGlobal" && value.name === "fbt") {
+      // Record references to `fbt` as a global
+      this.fbtValues.add(lvalue.identifier.id);
     } else if (
-      value.kind === "JsxExpression" &&
-      this.fbtTags.has(value.tag.identifier.id)
+      (value.kind === "JsxExpression" &&
+        this.fbtValues.has(value.tag.identifier.id)) ||
+      (value.kind === "CallExpression" &&
+        this.fbtValues.has(value.callee.identifier.id))
     ) {
       // if the JSX element's tag was `fbt`, mark all its operands
       // to ensure that they end up in the same scope as the jsx element
diff --git a/compiler/forget/src/__tests__/fixtures/compiler/fbt-call-complex-param-value.expect.md b/compiler/forget/src/__tests__/fixtures/compiler/fbt-call-complex-param-value.expect.md
new file mode 100644
index 0000000000..b945d9c1ba
--- /dev/null
+++ b/compiler/forget/src/__tests__/fixtures/compiler/fbt-call-complex-param-value.expect.md
@@ -0,0 +1,46 @@
+
+## Input
+
+```javascript
+function Component(props) {
+  const text = fbt(
+    `Hello, ${fbt.param("(key) name", capitalize(props.name))}!`,
+    "(description) Greeting"
+  );
+  return <div>{text}</div>;
+}
+
+```
+
+## Code
+
+```javascript
+function Component(props) {
+  const $ = React.unstable_useMemoCache(4);
+  const c_0 = $[0] !== props.name;
+  let t0;
+  if (c_0) {
+    t0 = fbt(
+      `Hello, ${fbt.param("(key) name", capitalize(props.name))}!`,
+      "(description) Greeting"
+    );
+    $[0] = props.name;
+    $[1] = t0;
+  } else {
+    t0 = $[1];
+  }
+  const text = t0;
+  const c_2 = $[2] !== text;
+  let t1;
+  if (c_2) {
+    t1 = <div>{text}</div>;
+    $[2] = text;
+    $[3] = t1;
+  } else {
+    t1 = $[3];
+  }
+  return t1;
+}
+
+```
+      
\ No newline at end of file
diff --git a/compiler/forget/src/__tests__/fixtures/compiler/fbt-call-complex-param-value.js b/compiler/forget/src/__tests__/fixtures/compiler/fbt-call-complex-param-value.js
new file mode 100644
index 0000000000..c7f8570d6f
--- /dev/null
+++ b/compiler/forget/src/__tests__/fixtures/compiler/fbt-call-complex-param-value.js
@@ -0,0 +1,7 @@
+function Component(props) {
+  const text = fbt(
+    `Hello, ${fbt.param("(key) name", capitalize(props.name))}!`,
+    "(description) Greeting"
+  );
+  return <div>{text}</div>;
+}
diff --git a/compiler/forget/src/__tests__/fixtures/compiler/fbt-call.expect.md b/compiler/forget/src/__tests__/fixtures/compiler/fbt-call.expect.md
new file mode 100644
index 0000000000..b0e3d49bc3
--- /dev/null
+++ b/compiler/forget/src/__tests__/fixtures/compiler/fbt-call.expect.md
@@ -0,0 +1,46 @@
+
+## Input
+
+```javascript
+function Component(props) {
+  const text = fbt(
+    `${fbt.param("(key) count", props.count)} items`,
+    "(description) Number of items"
+  );
+  return <div>{text}</div>;
+}
+
+```
+
+## Code
+
+```javascript
+function Component(props) {
+  const $ = React.unstable_useMemoCache(4);
+  const c_0 = $[0] !== props.count;
+  let t0;
+  if (c_0) {
+    t0 = fbt(
+      `${fbt.param("(key) count", props.count)} items`,
+      "(description) Number of items"
+    );
+    $[0] = props.count;
+    $[1] = t0;
+  } else {
+    t0 = $[1];
+  }
+  const text = t0;
+  const c_2 = $[2] !== text;
+  let t1;
+  if (c_2) {
+    t1 = <div>{text}</div>;
+    $[2] = text;
+    $[3] = t1;
+  } else {
+    t1 = $[3];
+  }
+  return t1;
+}
+
+```
+      
\ No newline at end of file
diff --git a/compiler/forget/src/__tests__/fixtures/compiler/fbt-call.js b/compiler/forget/src/__tests__/fixtures/compiler/fbt-call.js
new file mode 100644
index 0000000000..087fa47d99
--- /dev/null
+++ b/compiler/forget/src/__tests__/fixtures/compiler/fbt-call.js
@@ -0,0 +1,7 @@
+function Component(props) {
+  const text = fbt(
+    `${fbt.param("(key) count", props.count)} items`,
+    "(description) Number of items"
+  );
+  return <div>{text}</div>;
+}