    [Public Papers of the Presidents of the United States: George W. Bush (2003, Book I)]
    [May 22, 2003]
    [Pages 529-530]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Message to the Congress Transmitting the Executive Order Protecting the
    Development Fund for Iraq and Certain Other Property in Which Iraq Has
    an Interest
    May 22, 2003

    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,

    [[Page 530]]

    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 is 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 am enclosing a copy of the
    Executive Order I have issued.

                                                              George W. Bush

     The White House,

     May 22, 2003.

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