President Biden Signs Executive Order on Outbound Investment
Summary
On August 9, 2023, President Biden released a long-awaited EO establishing an outbound investment screening mechanism that would impose notification requirements and prohibit US persons from engaging in certain transactions involving “countries of concern.” The EO tasks the United States Department of the Treasury (“Treasury”), in consultation with other federal agencies, to issue regulations that would identify prohibited transactions in key technology industries—semiconductors, quantum computers and AI—that “pose a particularly acute national security threat because of their potential to significantly advance the military, intelligence, surveillance, or cyber-enabled capabilities of countries of concern.” Akin’s assessment of the EO is available here.
