WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03), Chairman of the Subcommittee on National Security, National Security, Illicit Finance, and International Financial Institutions and member of the Select Committee on the Chinese Communist Party, introduced the Time is Up Act of 2023. This bill would put the Committee on Foreign Investment in the United States (CFIUS) on a deadline to take much needed action against TikTok and close a loophole TikTok has taken advantage of since 2020.

“As long as TikTok remains under ByteDance control, the Chinese will continue to have access to the information of the more than 150 million Americans who use TikTok. ByteDance and TikTok’s close ties to the Chinese Communist Party are massive national security threats that need to be addressed immediately,” said Luetkemeyer. “The Time is Up Act would force the Biden Administration to take swift action to protect Americans from increased CCP surveillance.”

Background: Under current law, the Committee on Foreign Investment in the United States (CFIUS) has up to 105 days to review and investigate a transaction, but companies can restart the clock by refiling an application. This bill closes that loophole for TikTok, whose dealings with CFIUS have dragged on since 2020. The Time Is Up Act requires the President, within 15 days, to announce any prohibition of a CFIUS transaction that has exceeded conventional time limits for investigations – regardless of refilings. The prohibition must then be completed within 30 days. If the President is already pursuing a prohibition, including through the TikTok divestment order issued on August 14, 2020, it must be completed within 30 days after the bill’s enactment.

The Time Is Up Act does not create any new Executive Branch powers, nor does it require an expanded bureaucracy and additional taxpayer resources. By adhering to CFIUS’s authorizing statute, it would prohibit TikTok without delegating new authorities to the White House or Executive agencies. While other TikTok proposals could conflict with congressional efforts to address data privacy and related issues, the Time Is Up Act focuses narrowly on the CFIUS process. It complements, rather than supplants, these important technology debates.