Washington, DC – Today, U.S. Representative Young Kim (CA-40), Vice Chairwoman of the Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, joined Subcommittee Chairman Blaine Luetkemeyer (MO-03) to take action against national security concerns posed by TikTok by introducing the Time Is Up Act of 2023.
This bill allows the President to ban TikTok using existing statutory authority and without delegating new powers to the White House or federal agencies.
“As long as TikTok is owned by ByteDance, a Chinese company with ties to the Chinese Communist Party, it is an urgent national security threat. We cannot sit idly by as TikTok takes data from American users and controls the information they see on their feed,” said Kim. “The Time Is Up Act of 2023 ensures the President takes action against TikTok’s abuses of the law without adding new authorities or privileges to the executive branch. I am glad to join Rep. Luetkemeyer in this effort and will always work to keep our children and communities safe.”
“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.”
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. The Time Is Up Act would close that loophole for TikTok, which has been dealing with CFIUS for three years, and require the President, within 15 days, to announce whether a prohibition will be imposed on a transaction that has exceeded conventional limits for CFIUS investigations – regardless of a refiling.
Read the bill here.
