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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 22, 2021.

Timely Evaluation of Acquisitions, Mergers, or Transactions with External, Lawful Entities to Clear Owners and Management Act or the TEAM TELECOM Act

This bill provides statutory authority for the interagency working group at the National Telecommunications and Information Administration that assesses and addresses the law enforcement and national security policy implications arising from foreign ownership in an applicant for certain telecommunications licenses and permits.

Such applications are those for (1) authorization to construct or extend, acquire or operate, or engage in transmission by means of a line (i.e., any channel of communication established by the use of appropriate equipment); (2) a submarine cable landing license or its assignment or transfer; or (3) a new construction permit or station license (or for the transfer, assignment, or disposal of an existing permit or license).