The TEAM TELECOM Act establishes a formal national security review process for certain telecommunications transactions involving foreign ownership. The bill requires the National Telecommunications and Information Administration, working with other federal agencies like the Defense Department, State Department, and FBI, to review applications from telecommunications companies that exceed foreign ownership thresholds, including new telecommunications lines, submarine cable licenses, and broadcast licenses. The review process must be completed within 120 days, with a possible 45-day extension, and agencies must either recommend approval, approval with conditions, or denial based on national security and law enforcement concerns. The Act applies to any covered applications filed after the review process is established, which must happen within 180 days of the bill's enactment. The legislation also requires standardized information requests to be posted publicly and sets firm deadlines for applicants to respond with requested information.