Expressing support for the designation of August as National Black Business Month and to honor the contributions of Black-owned businesses across the United States.

Choosing Our Own Lives Over Fast Firearms Act or the COOL OFF Act

This bill establishes a three-day waiting period for certain handgun transfers.

Specifically, the bill makes it unlawful for a licensed importer, manufacturer, or dealer to sell or transfer a handgun to an unlicensed individual unless three business days have elapsed since the licensee initiated a background check. A violator is subject to criminal penalties—a fine, up to one year in prison, or both.

Additionally, the bill makes it unlawful for an unlicensed individual to receive a handgun from another unlicensed individual unless at least three business days have elapsed since the recipient most recently offered to take possession of the handgun. A violator is subject to criminal penalties—a fine, up to five years in prison, or both.

The three-day waiting period does not apply to certain handgun transfers, such as for a loan between spouses for a lawful purpose.