Time Is Up Act of 2023
This bill sets time limits for the President to make certain decisions and take certain actions related to Committee on Foreign Investment in the United States (CFIUS) national security reviews and investigations that are incomplete as of this bill's enactment date. (CFIUS is an interagency committee that oversees the national security risk of certain foreign direct investments in the U.S. economy. It may recommend that the President suspend or prohibit certain transactions.)
For certain transactions that are pending CFIUS review on the date of this bill's enactment, the President must announce a decision on whether to suspend or prohibit the transaction no later than 15 days after the bill's enactment. Specifically, this requirement applies to transactions where on the date of the bill's enactment (1) more than 105 days have passed since CFIUS accepted written notice of the transaction from one or more parties to the transaction, (2) more than 105 days have passed since CFIUS unilaterally initiated a review, or (3) more than 60 days have passed since a national security investigation was initiated based on the recommendation of a designated lead agency.
The President must complete any suspensions or prohibitions announced as a result of this bill's requirements within 30 days of the announcement. Additionally, the President must complete within 30 days of the bill's enactment any suspensions or prohibitions announced prior to the bill's enactment.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2895 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 2895
To require the President to announce whether action will be taken with
respect to a covered transaction under the Defense Production Act of
1950 that has passed the CFIUS transaction review deadline, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 26, 2023
Mr. Luetkemeyer (for himself, Mr. Barr, Mr. Williams of Texas, Mr.
Loudermilk, Mr. Meuser, Mrs. Kim of California, Mr. Nunn of Iowa, Ms.
De La Cruz, and Mr. Ogles) introduced the following bill; which was
referred to the Committee on Financial Services, and in addition to the
Committees on Foreign Affairs, and Energy and Commerce, for a period to
be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To require the President to announce whether action will be taken with
respect to a covered transaction under the Defense Production Act of
1950 that has passed the CFIUS transaction review deadline, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Time Is Up Act of 2023''.
SEC. 2. PRESIDENTIAL ANNOUNCEMENTS.
(a) In General.--With respect to a covered transaction under
section 721 of the Defense Production Act of 1950 (50 U.S.C. 4565), the
President shall make the announcement described under section 721(d)(2)
of such Act with respect to such transaction before the end of the 15-
day period beginning on the date of enactment of this Act, if--
(1) on the date of enactment of this Act--
(A) more than 105 days have passed since the date
on which written notice was accepted under section
721(b)(1)(C) of such Act for the covered transaction or
the date on which a review was initiated under section
721(b)(1)(D) of such Act for the transaction, as
applicable; or
(B) with respect to a covered transaction for which
an investigation has been initiated under section
721(b)(2)(B)(ii) of such Act, more than 60 days have
passed since the investigation was initiated; and
(2) the Committee on Foreign Investment in the United
States has not concluded action with respect to the transaction
under section 721(b) of such Act.
(b) Completion of Announced Suspensions and Prohibitions.--With
respect to any announcement under section 721(d)(2) of the Defense
Production Act of 1950 made by the President before the date of
enactment of this Act (or, with respect to a covered transaction
described under paragraphs (1) and (2) of subsection (a), such an
announcement made at any time) of a suspension or prohibition of a
covered transaction, if the President has not completed such suspension
or prohibition, the President shall do so--
(1) with respect to an announcement made before the date of
enactment of this Act, before the end of the 30-day period
beginning on the date of enactment of this Act; and
(2) with respect to an announcement made on or after the
date of enactment of this Act, before the end of the 30-day
period beginning on the date of such announcement.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Foreign Affairs, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Innovation, Data, and Commerce.
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