National Security Law

NATIONAL SECURITY CREEP IN CORPORATE TRANSACTIONS

Kristen E. Eichensehr* & Cathy Hwang**

National security review of corporate transactions has long been a relatively sleepy corner of regulatory policy. But as governments merge economic and national security, national security reviews are expanding in frequency and scope, causing numerous deals to be renegotiated or even blocked. This expansion of national security’s impact on corporate transactions—which this Essay calls “national security creep”—raises theoretical questions...