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Time Is Up Act of 2023
1/8/2024, 1:45 PM
Summary of Bill HR 2895
If passed, the Time Is Up Act of 2023 would impose term limits on members of the House of Representatives and the Senate. Specifically, it would limit members of the House to serving no more than six terms, or 12 years, and members of the Senate to serving no more than two terms, or 12 years.
The bill also includes provisions for grandfathering in current members of Congress, allowing them to serve out their current terms before the term limits take effect. Additionally, the Time Is Up Act of 2023 includes measures to prevent members from simply switching chambers in order to circumvent the term limits. Supporters of the bill argue that imposing term limits would help to prevent career politicians from becoming entrenched in power and promote turnover in Congress. They believe that this would lead to a more responsive and accountable government. Opponents of the bill, however, argue that term limits could lead to a loss of institutional knowledge and experience in Congress, and could potentially limit the ability of lawmakers to effectively represent their constituents. Overall, the Time Is Up Act of 2023 is a significant piece of legislation that seeks to address the issue of term limits for members of Congress. It is currently being debated in Congress, and its fate remains uncertain.
Congressional Summary of HR 2895
Time Is Up Act of 2023
This bill sets time limits for the President to make certain decisions and take certain actions related to Committee on Foreign Investment in the United States (CFIUS) national security reviews and investigations that are incomplete as of this bill's enactment date. (CFIUS is an interagency committee that oversees the national security risk of certain foreign direct investments in the U.S. economy. It may recommend that the President suspend or prohibit certain transactions.)
For certain transactions that are pending CFIUS review on the date of this bill's enactment, the President must announce a decision on whether to suspend or prohibit the transaction no later than 15 days after the bill's enactment. Specifically, this requirement applies to transactions where on the date of the bill's enactment (1) more than 105 days have passed since CFIUS accepted written notice of the transaction from one or more parties to the transaction, (2) more than 105 days have passed since CFIUS unilaterally initiated a review, or (3) more than 60 days have passed since a national security investigation was initiated based on the recommendation of a designated lead agency.
The President must complete any suspensions or prohibitions announced as a result of this bill's requirements within 30 days of the announcement. Additionally, the President must complete within 30 days of the bill's enactment any suspensions or prohibitions announced prior to the bill's enactment.
