Outbound Investment Program

The U.S. Department of the Treasury leads the implementation and operation of the new program established under the Executive Order of August 9, 2023, "Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern" (Order).  


On August 9, 2023, President Biden issued the Order declaring a national emergency to address the threat to the United States posed by certain countries of concern, which seek to develop and exploit sensitive or advanced technologies or products critical for military, intelligence, surveillance, or cyber-enabled capabilities.  The Order directs the Secretary of the Treasury to establish a program to prohibit or require notification of certain types of outbound investments by United States persons into certain entities located in or subject to the jurisdiction of a country of concern, and certain other entities owned by persons of a country of concern, involved in specific categories of advanced technologies and products.  The Order identifies three categories of national security technologies and products for the program: semiconductors and microelectronics, quantum information technologies, and artificial intelligence.  In an Annex to the Order, the President identified the People’s Republic of China, along with the Special Administrative Regions of Hong Kong and Macau, as a country of concern.


The Order directs the Secretary of the Treasury to issue regulations that detail the scope and requirements of the program.  

As an initial step, concurrent with the issuance of the E.O., the Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM) in the Federal Register to provide transparency and clarity about the intended scope of the program, and to solicit comments on the development and implementation of the program. The ANPRM does not itself implement the E.O. and is not draft regulatory text. The ANPRM will be followed by draft regulations at a later stage in the process.  

Interested persons may submit comments electronically through the Federal Government’s eRulemaking Portal available at the following link, or by mailing comments to: U.S. Department of the Treasury, Attention: Meena Sharma, Acting Director, Office of Investment Security, 1500 Pennsylvania Avenue, NW, Washington, DC 20220.  Written comments must be received by September 28, 2023.


The Department of the Treasury can be reached using the contact information below. 

General inquiries: OIS.Outbound@treasury.gov 

Regulations inquiries: OIS.Outbound.Regulations@treasury.gov 

Media inquiries: press@treasury.gov