On August 9, 2023, U.S. President Biden issued an executive order providing for a new national security program meant to protect technologies that are “critical to the next generation of military innovation.”
The executive order, in connection with an Advance Notice of Proposed Rulemaking (ANPRM) from the U.S. Department of the Treasury, specifically addresses outbound U.S. investments in “certain national security technology” sectors in the People’s Republic of China (PRC), identified as a “country of concern.” These sectors include semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.
ILPA has submitted a comment letter to the U.S. Department of the Treasury on the ANPRM. This submission followed several weeks of conversations with ILPA member LPs, industry groups, and engagement with the U.S. Departments of Trade, Treasury and Commerce.
Below, find resources that may be helpful to your own understanding of this action. Please continue to stay tuned as ILPA makes additional materials available to members on this topic.
ILPA's comment letter submitted to the U.S. Department of the Treasury on its Advanced Notice of Proposed Rule Making (ANPRM) addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
August 10 statement from ILPA on Executive Order "Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern"
August 10 ILPA member update on the Executive Order, including high-level insights that address some of the most immediate member questions
U.S. President's statement on the Executive Order
Official text of the Executive Order
White House letters to the House and Senate on the Executive Order
Treasury's statement announcing the Advance Notice of Proposed Rulemaking (ANPRM) and seeking public comment related to the implementation of the Executive Order
Landing page providing an overview of the program to implement and administer the Executive Order
A five-page overview of the Executive Order and Treasury Department's ANPRM