1. Short title This Act may be cited as the Fire Sale Loophole Closing Act of 2023 . 2. Sense of the Congress It is the sense of Congress that the Bureau of Alcohol, Tobacco, Firearms, and Explosives has the authority to regulate how Federal firearms licensees discontinue their firearms businesses, and to clarify statutory requirements regarding firearms that remain in the possession of a former licensee (or a responsible person of the former licensee) at the time the license is terminated. 3. Restrictions on the ability to transfer business inventory firearms (a) Restrictions Section 922 of title 18, United States Code, is amended by adding at the end the following: (aa) Restrictions on ability To transfer business inventory firearms (1) Transfer after notice of license revocation or denial of license renewal (A) Offense It shall be unlawful for a person who has been notified by the Attorney General that the Attorney General has made a determination to revoke a license issued to the person under this chapter to import, manufacture, or deal in firearms, or to deny an application of the person to renew such a license, to— (i) transfer a business inventory firearm of the person— (I) into a personal collection of the person; or (II) to an employee of the person, or to an individual described in section 923(d)(1)(B) with respect to the person