S. 2678 — Outbound Investment Transparency Act of 2023

This bill requires U.S. persons to notify the Department of the Treasury when making investments in or engaging in other economic activity associated with North Korea, China, Russia, or Iran. This requirement applies to U.S. persons in certain sectors, including advanced semiconductors and microelectronics, artificial intelligence, and satellite-based communications. Covered activities that trigger the notification requirement include investing in an entity, establishing a venture or subsidiary, or acquiring certain positions in an entity in these countries. U.S. persons must notify Treasury 14 days before engaging in a covered activity. However, if the covered activity is a secured transac...