[Congressional Record (Bound Edition), Volume 151 (2005), Part 8]
[Senate]
[Page 10485]
[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, AND THE CENTRAL BANK OF IRAQ, AND TO MAINTAIN IN FORCE THE 
               SANCTIONS TO RESPOND TO THIS THREAT--PM 11

  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 Reqister 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 to the Federal Reqister for publication. This notice 
states 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, modified in Executive Order 13350 of July 29, 2004, and 
further modified in Executive Order 13364 of November 29, 2004, is to 
continue in effect beyond May 22, 2005. The most recent notice 
continuing this emergency was published in the Federal Reqister on May 
21, 2004 (69 FR 29409).
  The threats of attachment or other judicial process against (i) the 
Development Fund for Iraq, (ii) 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, or (iii) any accounts, assets, investments, 
or any other property of any kind owned by, belonging to, or held by, 
on behalf of, or otherwise for the Central Bank of Iraq create 
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. 
Accordingly, these obstacles continue to pose an 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, certain other property in which Iraq has an interest, 
and the Central Bank of Iraq, and to maintain in force the sanctions to 
respond to this threat.
                                                      George W. Bush.  
The White House, May 19, 2005.

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