1. Short title This Act may be cited as the Timely Evaluation of Acquisitions, Mergers, or Transactions with External, Lawful Entities to Clear Owners and Management Act or the TEAM TELECOM Act . 2. Establishment of interagency national security review process (a) In general Part A of the National Telecommunications and Information Administration Organization Act ( 47 U.S.C. 901 et seq. ) is amended by adding at the end the following new section: 106. Establishment of interagency national security review process (a) Establishment Not later than 180 days after the date of the enactment of this section, the Assistant Secretary, in coordination with the head of each appropriate Federal entity, shall develop and issue procedures for, and establish, an interagency review process (which shall include each appropriate Federal entity) that considers the law enforcement and national security policy implications of the approval of a covered application that may arise from the foreign ownership interests held in the covered applicant that submitted the covered application. (b) Applicability Any covered application pending before the Commission that was submitted by a covered applicant with more than the threshold foreign ownership limit, after the covered applicant declines an opportunity to remedy the foreign ownership of the covered applicant, is subject to review under the review process established pursuant to subsection (a). (c) Process and procedural requirements (1) Referral for review (A) Requirement for FCC to refer complete application The Commission shall refer any covered application subject to the review process established pursuant to subsection (a) to the Assistant Secretary promptly after the Commission determines that the covered application, under the rules and regulations of the Commission, is complete. (B) Referral of other requests The Commission may refer for review under the review process established pursuant to subsection (a) any other request for action by the Commission for which the Commission