    [Public Papers of the Presidents of the United States: George W. Bush (2003, Book I)]
    [March 20, 2003]
    [Pages 283-284]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Message to the Congress Reporting on Confiscation and Vesting of Certain
    Iraqi Property
    March 20, 2003

    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

    [[Page 284]]

    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.

    Note: The Executive order is listed in Appendix D at the end of this
    volume.