President Joe Biden has signed an executive order to address foreign threats to U.S. national security by authorizing the secretary of the Treasury to regulate U.S. investments in countries of concern that are involved in developing technologies considered essential for military, cyber, intelligence and surveillance operations.
The EO identifies semiconductors and microelectronics, artificial intelligence and quantum information technologies as the three tech categories that are critical to national security, the White House said Wednesday.
President Biden’s policy directs the Department of the Treasury to work with the Department of Commerce and other agencies to implement and administer a national security program that would require U.S. persons to inform Treasury of certain transactions and prohibit such persons from engaging in transactions involving technologies that pose a threat to U.S. national security.
Treasury released an advance notice of proposed rulemaking to provide transparency on the proposed program’s intended scope and seek public feedback on the implementation of the EO and the program.
The department will give the public 45 days to comment once the advance notice is published in the Federal Register and will use the insights to inform the development of draft regulations.
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