Section 1 Short title
This Act may be cited as the “Time Is Up Act of 2023”.
Time Is Up Act of 2023
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.
Sec. 2 Presidential announcements
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—
on the date of enactment of this Act—
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
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
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.
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—
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
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.