Executive Order 14032: Addressing the Threat From Securities Investments That Finance Certain Companies of the People's Republic of China
President: Joseph R. Biden Jr.
Replaced and clarified EO 13959’s investment prohibitions, focusing restrictions on publicly traded securities of Treasury-listed Chinese military-industrial complex companies.
Status: In effect.
Is Executive Order 14032 still in effect? Yes. Executive Order 14032 remains in effect as the amendment governing EO 13959’s Chinese military-industrial complex securities restrictions; OFAC continues administering the amended framework.
What does Executive Order 14032 do?
Biden replaced the main operative provisions of Trump’s EO 13959 rather than simply adding another company to its original list. EO 14032 broadened the emergency’s rationale to include surveillance technology used for repression or serious human-rights abuse and refocused the investment restrictions on Treasury-listed Chinese military-industrial complex companies. Its annex replaced the earlier annex, and EO 13974 was expressly revoked. Signed text.
The prohibition concerns US persons buying or selling covered publicly traded securities, including derivatives and instruments designed to provide exposure to the listed securities. It applies worldwide to US citizens, permanent residents and US-organized entities, as well as people physically in the United States. This is a securities-transaction restriction, not the general freezing of every listed company’s property and not a ban on every Chinese product. Signed text.
Timing depended on the company’s listing. For annex companies, the new prohibition began August 2, 2021, with transactions solely for divestment permitted until June 3, 2022. Later determinations generally trigger a 60-day start period and a separate 365-day divestment window. These are transaction authorizations, not a requirement that investors necessarily liquidate holdings before the deadline. Licenses and the precise instruments held can change the compliance analysis. Signed text.
Before and after
Before the order
EO 13959 and its January 2021 amendment used an earlier set of covered-company and transaction provisions. EO 14032 superseded sections 1–5, changed the annex and instructed Treasury and agency heads to remove implementing prohibitions based on the replaced versions. A company’s former appearance under the previous framework did not make the new annex, Treasury determination or effective-date rules irrelevant. Signed text.
After the order
OFAC implemented the replacement through the Non-SDN Chinese Military-Industrial Complex Companies List and guidance released June 3, 2021. The annex prohibitions began August 2. On February 15, 2022, OFAC issued regulations at 31 CFR part 586. The old program name and a reference to EO 13959 can therefore appear in later records even though this Biden amendment supplies the operative provisions; these are not two independent, identical lists. Official follow-up record 1. Official follow-up record 2.
Who had to do what
| Agency / office | Action | Timing / position |
|---|---|---|
| Treasury Secretary / OFAC | Determine covered companies; administer regulations, licenses and the NS-CMIC List; determine when circumstances no longer warrant restrictions and submit emergency reports to Congress. | Annex restrictions begin August 2, 2021; later listings use 60-day commencement and 365-day divestment periods. |
| Secretary of State | Consult on company determinations, implementing action, reporting and removal of restrictions. | As determinations and implementation require. |
| Secretary of Defense | Consult on covered-company and removal determinations when Treasury considers it appropriate. | No independent fixed deadline. |
| Heads of executive departments and agencies | Take appropriate implementing measures and rescind orders or prohibitions enforcing EO 13974 or the superseded portions of EO 13959. | Following the replacement and revocation. |
What happened next
Biden signed EO 14032 and OFAC released its replacement-list implementation. Official source
The new annex-company securities restrictions began. Official source
OFAC issued the Chinese Military-Industrial Complex Sanctions Regulations. Official source
The original annex-company divestment authorization reached its endpoint. Official source
Legal and source detail
How it works legally
IEEPA and the National Emergencies Act supply the emergency economic powers; section 301 of title 3 permits delegation. The covered-security definition incorporates the Securities Exchange Act definition and extends to exchange and over-the-counter trading in any currency. Statutory exceptions and Treasury licenses remain relevant. Avoidance and conspiracies to violate the prohibition are also forbidden, but the order creates no general ban on unrelated investments merely because they involve China. Signed text.
Sources by type
If a source is unavailable, first check the cited publisher or another official repository. The cited publisher remains the authority.
Primary and official sources
Orders, laws, court records and official implementation material.
How we checked this
Last checked against the sources above on September 9, 2026. How we research →