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ings that pose an undue or unacceptable risk under subsection (a); and

(B) refer to the President covered holdings that are determined under subsection (a) to pose an undue or unacceptable risk.

(2) Referrals prior to establishment of regulations.—At any time preceding the issuance of regulations or establishment of procedures under subparagraph (1), the Secretary may identify and refer to the President a holding determined to be a covered holding under subsection (a) for action by the President pursuant to subsection (c) if the Secretary, in the sole and unreviewable discretion of the Secretary, determines that such referral would be in the interest of national security.

(3) Administrative procedure requirements inapplicable.—Subchapter II of chapter 5, and chapter 7, of title 5, United States Code (commonly known as the “Administrative Procedure Act”) shall not apply to any referral by the Secretary to the President of a covered holding.

(c) Action by the President.—

(1) In general.—Subject to section 13, with respect to any covered holding referred to the President under subsection (a), if the President deter-