Foreign policy and sanctions

Executive Order 13456: Further Amendment of Executive Order 11858 Concerning Foreign Investment in the United States

President: George W. Bush

Rewrote EO 11858's rules for coordinating national-security review of foreign investments through CFIUS.

Status: In effect. Is Executive Order 13456 still in effect? Yes. Executive Order 13456 remains in effect. See Federal Register record.

What does Executive Order 13456 do?

Treasury reported in a 2022 notice that the order directed it to issue section 721 regulations; Treasury finalized updated CFIUS regulations in January 2020 under the later FIRRMA framework.

Administration position: EO 13456 set executive organization; later regulations implement the governing statute as amended, not an unlimited presidential veto of foreign investment.
SignedJanuary 23, 2008
Original directionRewrote EO 11858's rules for coordinating national-security review of foreign investments through CFIUS.
Later evidenceTreasury reported in a 2022 notice that the order directed it to issue section 721 regulations; Treasury finalized updated CFIUS regulations in January 2020 under the later FIRRMA framework.
Review dateSeptember 26, 2026

Before and after

Before the order

The CFIUS framework needed updating after the 2007 Foreign Investment and National Security Act.

After the order

Treasury reported in a 2022 notice that the order directed it to issue section 721 regulations; Treasury finalized updated CFIUS regulations in January 2020 under the later FIRRMA framework.

EO 13456 set executive organization; later regulations implement the governing statute as amended, not an unlimited presidential veto of foreign investment.

Who had to do what

Source: Signed Federal Register text.
Agency / officeActionTiming / position
Secretary of the Treasury, as CFIUS ChairExercise the delegated transaction-review, review-initiation, annual-report and designation functions; issue regulations after consulting CFIUS; coordinate and transmit congressional reports; direct lead agencies and consider their monitoring resources. May request an early intelligence analysis and assign studies to committee members.Consult CFIUS before notice and comment and before issuing regulations; annual congressional report; other actions as transactions require.
Committee on Foreign Investment in the United StatesInvestigate when a member identifies an unmitigated national-security threat after review; refer a transaction to the President when prohibition is recommended, members cannot agree, or a presidential determination is requested. Review implementation and report to the President; may approve mitigation and reopen reviews only in the Act’s extraordinary circumstances.As the statutory review process requires; implementation reports from time to time.
Designated lead agency or agenciesConduct assigned work and keep CFIUS informed; give advance notice of material actions; prepare certified congressional notices or reports for the Chair; negotiate approved mitigation and seek sufficient monitoring resources.Notify the Chair sufficiently before material action to allow consultation; prepare congressional notice or report upon completion of review or investigation.
Department or agency proposing mitigationProvide CFIUS a written assessment of the transaction’s threat, vulnerabilities and consequences and the reasonably necessary mitigation, taking account of the intelligence analysis. Do not condition separate legal authorities on exercising or withholding CFIUS authority.Before proposing mitigation to transaction parties; ongoing separation of legal authorities.
Director of National IntelligenceProvide the transaction threat analysis when requested by the Chair, including when an early request precedes acceptance of notice.As soon as possible, consistent with section 721(b)(4).
Secretary of CommerceCollect, consolidate and analyze foreign-investment information; monitor and improve data procedures where necessary; prepare public and government reports and trend analyses; compile and evaluate significant-transaction data.Ongoing; no additional fixed deadline in the order.
United States Trade RepresentativeServe as an additional CFIUS member and participate in its collective work; any separate risk inquiry must communicate with transaction parties through or with the lead agency or Chair.During transaction reviews and investigations; no separate deadline.
Director of the Office of Science and Technology PolicyServe as an additional CFIUS member and participate in its collective work; any separate risk inquiry must communicate with transaction parties through or with the lead agency or Chair.During transaction reviews and investigations; no separate deadline.
Director of the Office of Management and BudgetObserve CFIUS activities and, as appropriate, participate and report to the President, personally or through a designee.As appropriate; no fixed deadline.
Chairman of the Council of Economic AdvisersObserve CFIUS activities and, as appropriate, participate and report to the President, personally or through a designee.As appropriate; no fixed deadline.
Assistant to the President for National Security AffairsObserve CFIUS activities and, as appropriate, participate and report to the President, personally or through a designee.As appropriate; no fixed deadline.
Assistant to the President for Economic PolicyObserve CFIUS activities and, as appropriate, participate and report to the President, personally or through a designee.As appropriate; no fixed deadline.
Assistant to the President for Homeland Security and CounterterrorismObserve CFIUS activities and, as appropriate, participate and report to the President, personally or through a designee.As appropriate; no fixed deadline.
Heads of departments and agenciesProvide information and assistance requested by CFIUS as appropriate and permitted by law; officials exercising authority under the order must respect the President’s specified constitutional powers.When requested; ongoing constitutional requirements.
PresidentMay select additional department, agency, or office heads as CFIUS members on a case-by-case basis; the Treasury Secretary may also make these selections.When additional membership is considered appropriate; no fixed deadline.
Later actionTreasury reported in a 2022 notice that the order directed it to issue section 721 regulations; Treasury finalized updated CFIUS regulations in January 2020 under the later FIRRMA framework.January 17, 2020

What happened next

EO 13456 signed.

Treasury reported in a 2022 notice that the order directed it to issue section 721 regulations; Treasury finalized updated CFIUS regulations in January 2020 under the later FIRRMA framework.