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ACES Act of 2023
12/6/2023, 4:01 PM
Summary of Bill HR 4927
Key provisions of the ACES Act include setting targets for reducing greenhouse gas emissions by a certain percentage by specific years, investing in clean energy infrastructure, and providing incentives for businesses and individuals to adopt sustainable practices. The bill also includes measures to support communities affected by the transition to clean energy, such as job training programs and economic development initiatives.
Supporters of the ACES Act argue that it is necessary to combat climate change and protect the environment for future generations. They believe that investing in clean energy will create jobs, stimulate economic growth, and reduce dependence on fossil fuels. Critics of the bill, however, raise concerns about the potential costs and regulatory burdens associated with implementing the proposed measures. Overall, the ACES Act of 2023 represents a significant effort to address climate change and promote sustainable energy practices in the United States. Its success will depend on bipartisan support and effective implementation at the federal, state, and local levels.
Congressional Summary of HR 4927
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.
