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-
tives of the United States of America in Congress assembled, 
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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 trans-
action 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 re-
view 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 inves-
tigation was initiated; and 
(2) the Committee on Foreign Investment in 
the United States has not concluded action with re-
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spect 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 de-
scribed 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 be-
fore 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. 
Æ 
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