We also commend Senators Casey and Cornyn, and Representatives DeLauro, Fitzpatrick, and Pascrell, in particular, for their continued leadership on this issue through the National Critical Capabilities Defense Act. And we’ll continue to listen to that feedback in the notice-and-comment period ahead. The White House, Treasury, and Commerce used that feedback and expertise to help design our carefully tailored approach. President Biden is signing this executive order after a thoughtful, deliberate assessment, which included extensive consultations with allies and partners, with Congress, with industry and other stakeholders. The program will prohibit certain investments in entities that engage in specific activities related to these technology areas that pose the most acute national security risks, and will require notification for other sensitive investments. This executive order protects our national security interests in a narrowly targeted manner while maintaining our longstanding commitment to open investment.Īlong with the executive order, the Treasury Department will simultaneously release an Advanced Notice of Proposed Rulemaking, with proposed definitions to elaborate the scope of the program, which will be subject to public notice and comment. We recognize that cross-border investment flows have long contributed to U.S. This program will complement our existing export control and inbound investment screening tools with a “small yard, high fence” approach to address the national security threat posed by countries of concern advancing such sensitive technologies.Īt the same time, it’s important to recognize this is a national security action, not an economic one. investments into PRC entities engaged in activities involving national security sensitive technologies in three sectors: semiconductors and microelectronics, quantum information technologies, and certain artificial intelligence systems. Today, President Biden is expected to sign an executive order that authorizes the Secretary of the Treasury to regulate certain U.S. investments to develop domestic military and intelligence capabilities. That includes appropriately protecting technologies that are critical to the next generation of military innovation.Īs many of you know, we’ve been working on an approach to address certain outbound investments in sensitive technologies in critical sectors that could undermine America’s national security.įor example, the PRC has a stated goal to acquire and produce key sensitive technologies that directly support the PRC’s military modernization and related activities, such as weapons development, and has exploited U.S. The Biden administration is committed to keeping America safe and defending America’s national security.
SENIOR ADMINISTRATION OFFICIAL: Thanks,, and good afternoon, everyone. With that,, I’ll turn it over to you to kick us off. Our speakers will have a few brief words at the top, and then we’ll turn it over to Q&A. We also have other representatives from Treasury, Commerce, and State on the line for Q&A. Eastern today, Wednesday, August 9th.įor your awareness, not for your reporting, on the call today we have. investments into the PRC in three technologies critical national security.įor your information, this call on background, attributable to “senior administration officials,” and is embargoed until 4:00 p.m.
MODERATOR: Thanks, everyone, for joining this call to discuss the executive order to narrowly regulate certain U.S. Get Involved Show submenu for “Get Involved””.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””.
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