As we reported last week, new outbound investment restrictions have officially been enshrined in the 2026 National Defense Authorization Act. But how do the changes differ from the Treasury Department’s Outbound Investment Security Program? Details inside.

House and Senate leaders have finalized wording that would embed outbound investment restrictions in the 2026 National Defense Authorization Act conference report; we noted in October that this was likely. But some experts say the move may now conflict with the Administration’s position on China.

Five U.S. Senators have written a letter to Treasury Secretary Scott Bessent requesting a detailed update on the outbound investment screening program. A Presidentially ordered review of the program, complete with recommendations for changes, was due on April 1, and the Senators want answers.

The Outbound Investment Security Program is now effective, but don’t get too attached to it. According to a Presidential trade memorandum released in January, the Trump administration is now reviewing the outbound regime and other policies to determine whether they should be “modified or rescinded.”

Right before the holidays, the Treasury Department published answers to thirty questions about the outbound investment security program. The document provides helpful examples of covered transactions, and was supplemented by a number of notification templates. Details, documents inside.

An expert on national security has proposed an alternative to an outbound foreign investment review regime: Offer tax abatements to U.S. capital in China that repatriates to the U.S. and deploys elsewhere. The tax incentives would be tied to foreign policy and national security goals.

According to publicly available data confirmed by industry experts, the Treasury Department’s outbound investment proposal has been filed with the Office and Management and Budget. That means the proposed rule is likely in its final stages, and could be published soon. More inside.

Leaders of The Select Committee on the Chinese Communist Party have offered Treasury Secretary Janet Yellen implementation recommendations on the outbound Executive Order. Experts say it represents a broader or “maximalist” approach to regulating outbound investment. Details inside.

Much has been made of the fact that the Treasury Department’s proposed rule focuses exclusively on China. But that’s not the full story. In fact, the proposal could impact investments in any country, even the U.S., under certain circumstances. Details, examples of possible scenarios, and insights inside.

Okay, let’s not beat a dead horse. The E.O. has been released, and Treasury is seeking comment on their implementing rule, which likely won’t be finalized until next year. We know. But experts clarify that some of the provisions may be effective immediately. Details and insights are inside.

Just a few hours after President Biden issued the Executive Order on outbound investment in China, the Treasury Department unveiled its “Advanced Notice of Proposed Rulemaking,” and began soliciting feedback. Details, key questions, and instructions for commenting are inside.

Last year, our readers predicted that the Biden administration would issue an Executive Order on outbound investment before summer 2023. Wow, were they close. The E.O. was released this afternoon, and, as anticipated, will ban investments in certain Chinese technologies. Detail, E.O. inside.

We’ve got a live outbound case study, folks. Last week, Moderna inked a deal to invest $1 billion in mRNA research and development in China. So, would that deal have triggered outbound scrutiny — and increased deal friction — were an outbound review regime in place? Expert insights inside.