Time Is Up Act of 2023

I 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 pe- riod to be subsequently determined by the Speaker, in each case for con- sideration of such provisions as fall within the jurisdiction of the com- mittee 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 Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 02:41 May 05, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2895.IH H2895 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 2895 IH SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Time Is Up Act of 2 2023’’. 3 SEC. 2. PRESIDENTIAL ANNOUNCEMENTS. 4 (a) IN GENERAL.—With respect to a covered trans- 5 action under section 721 of the Defense Production Act 6 of 1950 (50 U.S.C. 4565), the President shall make the 7 announcement described under section 721(d)(2) of such 8 Act with respect to such transaction before the end of the 9 15-day period beginning on the date of enactment of this 10 Act, if— 11 (1) on the date of enactment of this Act— 12 (A) more than 105 days have passed since 13 the date on which written notice was accepted 14 under section 721(b)(1)(C) of such Act for the 15 covered transaction or the date on which a re- 16 view was initiated under section 721(b)(1)(D) 17 of such Act for the transaction, as applicable; 18 or 19 (B) with respect to a covered transaction 20 for which an investigation has been initiated 21 under section 721(b)(2)(B)(ii) of such Act, 22 more than 60 days have passed since the inves- 23 tigation was initiated; and 24 (2) the Committee on Foreign Investment in 25 the United States has not concluded action with re- 26 VerDate Sep 11 2014 02:41 May 05, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2895.IH H2895 pbinns on DSKJLVW7X2PROD with $$_JOB 3 •HR 2895 IH spect to the transaction under section 721(b) of such 1 Act. 2 (b) COMPLETION OF ANNOUNCED SUSPENSIONS AND 3 PROHIBITIONS.—With respect to any announcement 4 under section 721(d)(2) of the Defense Production Act of 5 1950 made by the President before the date of enactment 6 of this Act (or, with respect to a covered transaction de- 7 scribed under paragraphs (1) and (2) of subsection (a), 8 such an announcement made at any time) of a suspension 9 or prohibition of a covered transaction, if the President 10 has not completed such suspension or prohibition, the 11 President shall do so— 12 (1) with respect to an announcement made be- 13 fore the date of enactment of this Act, before the 14 end of the 30-day period beginning on the date of 15 enactment of this Act; and 16 (2) with respect to an announcement made on 17 or after the date of enactment of this Act, before the 18 end of the 30-day period beginning on the date of 19 such announcement. 20 Æ VerDate Sep 11 2014 02:41 May 05, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2895.IH H2895 pbinns on DSKJLVW7X2PROD with $$_JOB