The program would focus on "preventing US capital and expertise from being exploited in ways that threaten our national security while not placing an undue burden on US investors and businesses," the Treasury said in a report provided to lawmakers, as quoted by US media on Saturday.
The newspaper noted, citing sources, that the program would ban private-equity and venture-capital investments in sectors that could enhance the military capabilities of US rivals, including advanced semiconductors, quantum computers, and some forms of artificial intelligence.
Although the Treasury and Commerce departments did not indicate which countries would be affected by the new program, the sources believed that it would in practice largely deal with US investments in China, the newspaper said.