[Congressional Record Volume 149, Number 77 (Thursday, May 22, 2003)]
[Senate]
[Pages S6974-S6975]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




REPORT THAT DECLARES A NATIONAL EMERGENCY TO DEAL WITH THE UNUSUAL AND 
EXTRAORDINARY THREAT POSED TO THE NATIONAL SECURITY AND FOREIGN POLICY 
  OF THE UNITED STATES BY THE THREAT OF ATTACHMENT OR OTHER JUDICIAL 
  PROCESS AGAINST THE DEVELOPMENT FUND FOR IRAQ, IRAQI PETROLEUM AND 
 PETROLEUM PRODUCTS, AND INTERESTS THEREIN, AND PROCEEDS, OBLIGATIONS, 
 OR ANY FINANCIAL INSTRUMENTS OF ANY NATURE WHATSOEVER ARISING FROM OR 
 RELATED TO THE SALE OR MARKETING THEREOF, AND INTERESTS THEREIN--PM 36

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States, together with an accompanying 
report, which was referred to the Committee on Banking, Housing, and 
Urban Affairs.

To the Congress of the United States:
  Consistent with section 204(b) of the International Emergency 
Economic Powers Act, 50 U.S.C. 1703(b) (IEEPA), section 5 of the United 
Nations Participation Act (22 U.S.C. 287c) (UNPA), and section 301 of 
the National Emergencies Act, 50 U.S.C. 1631, I hereby report that I 
have exercised my authority to declare a national emergency to deal 
with the unusual and extraordinary threat posed to the national 
security and foreign policy of the United States by the threat of 
attachment or other judicial process against the Development Fund for 
Iraq, Iraqi petroleum and petroleum products, and interests therein, 
and proceeds, obligations, or any financial instruments of any nature 
whatsoever arising from or related to the sale or marketing thereof, 
and interests therein.
  A major national security and foreign policy goal of the United 
States is to ensure that the newly established Development Fund for 
Iraq and other Iraqi resources, including Iraqi petroleum and petroleum 
products, are dedicated for the well-being of the Iraqi people, for the 
orderly reconstruction and repair of Iraq's infrastructure, for the 
continued disarmament of Iraq, for the costs of indigenous civilian 
administration, and for other purposes benefiting the people of Iraq. 
The Development Fund for Iraq and other property in which Iraq has an 
interest may be subject to attachment, judgment, decree, lien, 
execution, garnishment, or other judicial process, thereby jeopardizing 
the full dedication of such assets to purposes benefiting the people of 
Iraq. To protect these assets, I have ordered that, unless licensed or 
otherwise authorized pursuant to my order, any attachment, judgment, 
decree, lien, execution, garnishment, or other judicial process be 
prohibited, and shall be deemed null and void, with respect to the 
following:
  (a) the Development Fund for Iraq, and
  (b) all Iraqi petroleum and petroleum products, and interests 
therein, and proceeds, obligations, or any financial instruments of any 
nature whatsoever arising from or related to the sale and marketing 
thereof, and interests therein, in which any foreign country or a 
national thereof has any interest, that are in the United States, that 
hereafter come within the United States, or that are or hereafter come 
within the possession or control of United States persons.

  In addition, by my memorandum to the Secretary of State and Secretary 
of Commerce of May 7, 2003 (Presidential Determination 2003-23), I made 
inapplicable with respect to Iraq section 620A of the Foreign 
Assistance Act of 1961, Public Law 87-195, as amended, and any other 
provision of law that applies to countries that have supported 
terrorism. Such provisions of law that apply to countries that have 
supported terrorism include, but are not limited to, 28 U.S.C. 
1605(a)(7), 28 U.S.C. 1610, and section 201 of the Terrorism Risk 
Insurance Act.
  I also have ordered that Executive Order 12722 of August 2, 1990, and 
Executive Order 12724 of August 9, 1990, which blocked property and 
interests in property of the Government of Iraq, its agencies, 
instrumentalities and controlled entities and the Central Bank of Iraq 
that are in the United States, that hereafter come within the United 
States, or that are or hereafter come within the possession or control 
of United States persons, including their overseas branches, and 
Executive Order 13290 of March 20, 2003, which confiscated and vested 
certain Government of Iraq accounts, shall not apply to the Development 
Fund for Iraq or to Iraqi petroleum or petroleum products, and 
interests therein, and proceeds, obligations, or any financial 
instruments of any nature whatsoever arising from or related to the 
sale and marketing thereof, and interests therein.
  I have delegated to the Secretary of the Treasury, in consultation 
with the Secretary of State and the Secretary of Defense, the authority 
to take such actions as may be necessary to carry out the purposes of 
the Executive Order, including the promulgation of rules and 
regulations. I have also authorized the Secretary of the Treasury to 
employ all powers granted to the President by IEEPA and UNPA to carry 
out the purposes of the Executive Order. I

[[Page S6975]]

am enclosing a copy of the Executive Order I have issued.
                                                      George W. Bush.  
The White House, March 22, 2003.

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