[Congressional Record (Bound Edition), Volume 150 (2004), Part 8]
[Senate]
[Page 10510]
[From the U.S. Government Publishing Office, www.gpo.gov]




  REPORT OF THE CONTINUATION OF THE NATIONAL EMERGENCY PROTECTING THE 
DEVELOPMENT FUND FOR IRAQ AND CERTAIN OTHER PROPERTY IN WHICH IRAQ HAS 
                           AN INTEREST--PM 78

  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:
  Section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)) 
provides for the automatic termination of a national emergency unless, 
prior to the anniversary date of its declaration, the President 
publishes in the Federal Register and transmits to the Congress a 
notice stating that the emergency is to continue in effect beyond the 
anniversary date. In accordance with this provision, I have sent the 
enclosed notice, stating that the national emergency declared in 
Executive Order 13303 of May 22, 2003, as expanded in scope by 
Executive Order 13315 of August 28, 2003, protecting the Development 
Fund for Iraq and certain other property in which Iraq has an interest, 
is to continue in effect beyond May 22, 2004, to the Federal Register 
for publication.
  The obstacles to the orderly reconstruction of Iraq, the restoration 
and maintenance of peace and security in the country, and the 
development of political, administrative, and economic institutions in 
Iraq constituted 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, pose a continuing unusual and 
extraordinary threat to the national security and foreign policy of the 
United States. For these reasons, I have determined that it is 
necessary to continue the national emergency protecting the Development 
Fund for Iraq, and certain other property in which Iraq has an 
interest, and to maintain in force the sanctions to respond to this 
threat.
                                                      George W. Bush.  
The White House, May 20, 2004.

                          ____________________