Protect America Act of 2017 Preventing Terrorists From Obtaining Firearms Act of 2017 This bill amends the federal criminal code to authorize the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) or a U.S. Attorney's Office to delay for up to 72 hours and file an emergency petition to prohibit a firearm transfer to a person who is being investigated, or who during the past five years has been investigated, as a known or suspected terrorist. Preventing Terrorists From Obtaining Explosives Act of 2017 Additionally, the bill authorizes the ATF or a U.S. Attorney's Office to delay for up to 90 days and file an emergency petition to prohibit the approval of an application for an explosives permit or license from a person who is being investigated, or who during the past five years has been investigated, as a known or suspected terrorist. The bill requires the Department of Justice to review the terrorist watch and no-fly lists and remove the name of any person whose name was erroneously placed on such lists.