    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
    [June 26, 2008]
    [Pages 880-881]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Message to the Congress on Continuing Certain Restrictions With Respect
    to North Korea and North Korean Nationals and the Termination of the
    Exercise of Authorities Under the Trading With the Enemy Act
    June 26, 2008

    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

    [[Page 881]]

    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.

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