[Congressional Record Volume 154, Number 107 (Thursday, June 26, 2008)]
[Senate]
[Page S6281]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    REPORT ON THE ISSUANCE OF AN EXECUTIVE ORDER CONTINUING CERTAIN 
 RESTRICTIONS ON NORTH KOREA AND NORTH KOREAN NATIONALS IMPOSED UNDER 
                 THE TRADING WITH THE ENEMY ACT--PM 55

  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:
  Pursuant to the International Emergency Economic Powers Act, as 
amended (50 U.S.C. 1701 et seq.) (IEEPA), I hereby report that I have 
issued an Executive Order continuing certain restrictions on North 
Korea and North Korean nationals imposed pursuant to the exercise of 
authorities under the Trading With the Enemy Act (50 U.S.C. App. 1 et 
seq.) (TWEA). In the order, I declared a national emergency to deal 
with the unusual and extraordinary threat to the national security and 
foreign policy of the United States posed by the current existence and 
risk of the proliferation of weapons-usable fissile material on the 
Korean Peninsula. I ordered the continuation of certain restrictions on 
North Korea and North Korean nationals as we deal with that threat 
through multilateral diplomacy.
  These restrictions were first imposed pursuant to authorities found 
in section 5(b) of TWEA, following the declaration of a national 
emergency in 1950 in Proclamation 2914 (15 FR 9029), and continued 
annually, after the enactment of IEEPA in 1977, in accordance with 
section 101(b) of Public Law 95-223 (91 Stat. 1625; 50 U.S.C. App. 5(b) 
note). The most recent continuation of such TWEA authorities is found 
in Presidential Determination 2007-32 of September 13, 2007. In a 
proclamation, which I signed the same day as the order, I terminated, 
effective the following day, the exercise of TWEA authorities with 
respect to North Korea.
  The order I have issued continues the blocking of certain property 
and interests in property of North Korea or a North Korean national 
that were blocked as of June 16, 2000, and that remained blocked 
immediately prior to the date of my order. Absent this order, my 
proclamation terminating the exercise of TWEA authorities with respect 
to North Korea would have resulted in the unblocking of that property.
  The order also continues restrictions relating to North Korea-flagged 
vessels that would otherwise have been terminated by my proclamation. 
These restrictions prohibit United States persons from owning, leasing, 
operating, or insuring any vessel flagged by North Korea and from 
registering vessels in North Korea or otherwise obtaining authorization 
for a vessel to fly the North Korean flag. For the reasons set forth 
above, I found that it was necessary to continue these restrictions.
  I delegated to the Secretary of the Treasury, after consultation with 
the Secretary of State, the authority to take such actions, including 
the promulgation of rules and regulations, and to employ all powers 
granted to the President by IEEPA as may be necessary to carry out the 
purposes of my order.
  I am enclosing a copy of the Executive Order and proclamation I have 
issued.
                                                      George W. Bush.  
The White House, June 26, 2008.

                          ____________________