ACES Act of 2023

Bill: 118-hr-4927
Sponsor: Rep. McClain, Lisa C. [R-MI-9]
Introduced: 2023-07-26 in the House
Policy area: Foreign Trade and International Finance
Subjects: Accounting and auditing
Asia
China
Civil actions and liability
Congressional oversight
Foreign and international corporations
Government information and archives
Government studies and investigations
Internet, web applications, social media
Presidents and presidential powers, Vice Presidents
U.S. and foreign investments

Summary:
action_date: 2023-07-26
text: 

Anti-CCP Espionage via Social Media Act of 2023 or the ACES Act of 

2023

 
This bill requires certain actions related to ByteDance Ltd., the Chinese parent company of TikTok (a video-sharing mobile application).
 
Specifically, the bill grants Executive Order 13942 the force and effect of law. That order prohibits certain transactions by any person subject to the jurisdiction of the United States with ByteDance. The bill provides statutory authority for that prohibition and specifies exceptions. Further, the bill establishes enforcement procedures and penalties for related violations.
 
The bill requires ByteDance, within 90 days of this bill's enactment, to divest itself of (1) any assets or property used to enable or support ByteDance's operation of the TikTok application in the United States, and (2) any data obtained or derived from TikTok application or Musical.ly application users in the United States. The bill outlines further requirements and procedures for such divestment.
 
The Committee on Foreign Investment in the United States (CFIUS) must review proposed sales or transfers by ByteDance to a third party. CFIUS may implement measures as necessary to verify compliance with the required divestment.
 
CFIUS must review and issue a report to the President on the relationship of each covered U.S. business with ByteDance to determine the effects of such relationship on U.S. national security. The President may take actions to suspend or prohibit the relationship.


Legislative actions:
action_date: 2023-07-28
text: Referred to the Subcommittee on Innovation, Data, and Commerce.
action_date: 2023-07-26
text: 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.
action_date: 2023-07-26
text: 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.
action_date: 2023-07-26
text: 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.
action_date: 2023-07-26
text: Introduced in House
action_date: 2023-07-26
text: Introduced in House