[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2895 Introduced in House (IH)]

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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.
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