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The White House recently issued an executive order addressing concerns with investments that may support advancements technologies and products that are critical to military capabilities in “countries of concern.” 

President Joe Biden’s order states, “The commitment of the United States to open investment is a cornerstone of our economic policy and provides the United States with substantial benefits…However, certain United States investments may accelerate and increase the success of the development of sensitive technologies and products in countries that develop them to counter United States and allied capabilities.”

In concert, the U.S. Department of Treasury Investment Security Office has posted an Advance Notice of Proposed Rulemaking to solicit input via a 45-day public comment period (ending September 28, 2023) on more than 80 questions.

Hogan Lovells has shared this analysis, addressing the following:

  • Which investors will be covered by the outbound investment program?
  • Which foreign countries will the outbound investment program target?
  • What kinds of foreign persons will be covered by the outbound investment program?
  • Will any transactions be outright prohibited by the outbound investment program?
  • What types of transactions will be covered by the outbound investment program?
  • What types of transactions will be excepted from the outbound investment program?

NACUBO will be taking a closer look and intends to submit comments. If you have any questions or would like to provide input, please email


Liz Clark

Vice President, Policy and Research


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