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EO 14105Executive OrderBiden · D Quiet signal

Executive Order 14105

Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern

This executive order establishes a new outbound investment screening program requiring U.S. persons to notify Treasury of certain investments in semiconductors, quantum technologies, and AI in "countries of concern," and prohibiting other transactions deemed to pose acute national security risks. The order delegates authority to Treasury to issue implementing regulations after public notice and comment, with periodic review and reporting requirements.

Federal Register Open PDF 88 FR 54867

Impact dates

  1. Assessment of whether to amend regulations, including adjusting definition of covered technologies

  2. First annual report to President on program effectiveness

  3. Treasury regulations issued (after public notice and comment)

Key directives

  • Treasury shall issue regulations requiring notification of certain transactions and prohibiting others, after public notice and comment
  • Regulations must identify categories of notifiable and prohibited transactions involving covered national security technologies
  • Secretary shall consult Commerce, State, Defense, Energy, and DNI on technology implications
  • Secretary shall engage allies and partners on national security risks
  • Secretary shall investigate violations and pursue civil penalties
  • Secretary may nullify, void, or compel divestment of prohibited transactions
  • Secretary may refer criminal violations to Attorney General

Who is ordered

Timeline

Immediate

  • National emergency declared under IEEPA and NEA
  • Framework established for future Treasury regulations

Near term (90d)

  • Treasury to draft and publish proposed regulations for public notice and comment

Long term

  • Regulations effective date triggers 1-year review of covered technologies
  • Annual presidential reports on program effectiveness begin
  • Potential expansion to additional sectors or countries

Risks & tensions

  • Regulatory timeline uncertain—no fixed deadline for issuing regulations, only 'shall issue' after public notice and comment
  • Definition of 'countries of concern' references an Annex not provided in text; actual scope unclear
  • 'Intangible benefits' framing could capture broad range of investment activities beyond capital transfers
  • Potential tension with allied coordination if partners adopt divergent outbound screening regimes
  • Civil penalties and divestment authority create significant compliance exposure for investors
  • Vague: 'periodically review' in Section 3 lacks specified frequency
Executive Order 14105: Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern · Executive Orders