President Obama recently released a fact sheet on his new Export Control Reform Initiative. After conducting a review of the entire U.S. export control system, the Administration has determined the export control system would benefit from a comprehensive overhaul. In particular, President Obama has suggested a new export control system that consists of a single control list, a single primary enforcement coordination agency, a single information technology system and a single licensing agency. According to President Obama’s fact sheet, the Administration will “engage with Congress to consult and seek its input on the proposed reforms.” Nonetheless, the reforms are to be implemented in three phrases, with the first phase involving measures that can be implemented without legislation. The Aidenbaum team has experience guiding clients through the complexities associated with export control compliance and can help prepare your business for the upcoming reforms.
To learn more about the proposed reforms, please read the President’s fact sheet or contact the Aidenbaum team.