Outbound Investment Screening Executive Order
Dorsey & Whitney – On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023. The law directs the Department of the Treasury, in coordination with the Department of Commerce and other Federal partners, “to consider establishing a program to address the national security threats emanating from outbound investments from the United States in certain sectors that are critical for U.S. national security.” The law also provides funding for multiple departments and agencies and includes specific explanatory statements. Further, the law provided 60 days for Treasury and Commerce to submit to Congress reports describing how such a program would function, including the resources required over the next three years to establish and implement it.