Time Is Up Act of 2023

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. 1. Short title This Act may be cited as the Time Is Up Act of 2023 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 (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.

Summary: 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.