[House Document 108-51]
[From the U.S. Government Publishing Office]
108th Congress, 1st Session - - - - - - - - - - - - - House Document
108-51
CONFISCATING AND VESTING CERTAIN IRAQI PROPERTY
__________
MESSAGE
from
THE PRESIDENT OF THE UNITED STATES
transmitting
NOTIFICATION THAT HE HAS TAKEN ADDITIONAL STEPS WITH RESPECT TO THE
NATIONAL EMERGENCY DECLARED IN EXECUTIVE ORDER 12722 OF AUGUST 2, 1990,
BY EXERCISING HIS STATUTORY AUTHORITY TO CONFISCATE AND VEST CERTAIN
PROPERTY OF THE GOVERNMENT OF IRAQ AND ITS AGENCIES, INSTRUMENTALITIES,
OR CONTROLLED ENTITIES, PURSUANT TO 50 U.S.C. 1703(b) AND 50 U.S.C.
1631
March 24, 2003.--Message and accompanying papers referred to the
Committee on International Relations and ordered to be printed
To the Congress of the United States:
Pursuant to section 204(b) of the International Emergency
Economic Powers Act, 50 U.S.C. 1703(b) (IEEPA), and section 301
of the National Emergencies Act, 50 U.S.C. 1631, I hereby
report that I have taken additional steps with respect to the
national emergency declared in Executive Order 12722 of August
2, 1990, by exercising my statutory authority to confiscate and
vest certain property of the Government of Iraq and its
agencies, instrumentalities, or controlled entities.
Consistent with section 203(a)(1)(C) of IEEPA, 50 U.S.C.
1702(a)(1)(C), as added by section 106 of the USA PATRIOT ACT,
Public Law 107-56, I have ordered that certain blocked funds
held in the United States in accounts in the name of the
Government of Iraq, the Central Bank of Iraq, Rafidain Bank,
Rasheed Bank, or the State Organization for Marketing Oil are
hereby confiscated and vested in the Department of the
Treasury. I have made exceptions for any such funds that are
subject to the Vienna Convention on Diplomatic Relations or the
Vienna Convention on Consular Relations, or that enjoy
equivalent privileges and immunities under the laws of the
United States, and are or have been used for diplomatic or
consular purposes. In addition, such amounts that, as of the
date of the order, are subject to post-judgment writs of
execution or attachment in aid of execution of judgments
pursuant to section 201 of the Terrorism Risk Insurance Act of
2002 (Public Law 107-297) are not being vested, provided that,
upon satisfaction of the judgments on which such writs are
based, any remainder of such excepted amounts shall, without
further action, be confiscated and vested.
I have delegated to the Secretary of the Treasury authority
to undertake all other action of the President and all
functions of the President set forth in section 203(a)(1)(C) of
IEEPA with respect to any and all property of the Government of
Iraq, including its agencies, instrumentalities, or controlled
entities, and to take additional steps, including the
promulgation of rules and regulations as may be necessary to
carry out the purposes of this order.
I am enclosing a copy of the Executive Order I have issued,
which is effective immediately.
I have exercised these authorities in furtherance of
Executive Orders 12722 and 12724 with respect to the unusual
and extraordinary threat to our national security and foreign
policy posed by the policies and actions of the Government of
Iraq. I intend that such vested property should be used to
assist the Iraqi people and to assist in the reconstruction of
Iraq, and have determined that such use would be in the
interest of and for the benefit of the United States.
The power to vest assets of a foreign government with which
the United States is engaged in armed hostilities is one that
has been recognized for many decades. This power is being used
here because it is clearly in the interests of the United
States to have these funds available for use in rebuilding Iraq
and launching that country on the path to speedy economic
recovery. In addition, this authority is being invoked in a
limited way, designed to minimize harm to third parties and to
respect existing court orders as much as possible.
George W. Bush.
The White House, March 20, 2003.
Executive Order
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Confiscating and Vesting Certain Iraqi Property
By the authority vested in me as President by the
Constitution and the laws of the United States of America,
including the International Emergency Economic Powers Act (50
U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50
U.S.C. 1601 et seq.), and section 301 of title 3, United States
Code, and in order to take additional steps with respect to the
national emergency declared in Executive Order 12722 of August
2, 1990,
I, GEORGE W. BUSH, President of the United States of
America, hereby determine that the United States and Iraq are
engaged in armed hostilities, that is in the interest of the
United States to confiscate certain property of the Government
of Iraq and its agencies, instrumentalities, or controlled
entities, and that all right, title, and interest in any
property so confiscated should vest in the Department of the
Treasury. I intend that such vested property should be used to
assist the Iraqi people and to assist in the reconstruction of
Iraq, and determine that such use would be in the interest of
and for the benefit of the United States.
I hereby order:
Section 1. All blocked funds held in the United States in
accounts in the name of the Government of Iraq, the Central
Bank of Iraq, Rafidain Bank, Rasheed Bank, or the State
Organization for Marketing Oil are hereby confiscated and
vested in the Department of the Treasury, except for the
following:
(a) any such funds that are subject to the Vienna
Convention on Diplomatic Relations or the Vienna Convention on
Consular Relations, or that enjoy equivalent privileges and
immunities under the laws of the United States, and are or have
been used for diplomatic or consular purposes, and
(b) any such amounts that as of the date of this order are
subject to post-judgment writs of execution or attachment in
aid of execution of judgments pursuant to section 201 of the
Terrorism Risk Insurance Act of 2002 (Public Law 107-297),
provided that, upon satisfaction of the judgments on which such
writs are based, any remainder of such excepted amounts shall,
by virtue of this order and without further action, be
confiscated and vested.
Sec. 2. The Secretary of the Treasury is authorized to
perform, without further approval, ratification, or other
action of the President, all functions of the President set
forth in section 203(a)(1)(C) of IEEPA with respect to any and
all property of the Government of Iraq, including its agencies,
instrumentalities, or controlled entities, and to take
additional steps, including the promulgation of rules and
regulations as may be necessary, to carry out the purposes of
this order. The Secretary of the Treasury may redelegate such
functions in accordance with applicable law. The Secretary of
the Treasury shall consult the Attorney General as appropriate
in the implementation of this order.
Sec. 3. This order shall be transmitted to the Congress and
published in the Federal Register.
George W. Bush.
The White House, March 20, 2003.