[Weekly Compilation of Presidential Documents Volume 40, Number 31 (Monday, August 2, 2004)]
[Pages 1384-1385]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Letter to Congressional Leaders Transmitting the Executive Order on 
Termination of the National Emergency Declared in Executive Order 12722 
With Respect to Iraq and Modification of Related Executive Orders

July 29, 2004

Dear Mr. Speaker:  (Dear Mr. President:)

    Consistent with subsection 204(b) of the International Emergency 
Economic Powers Act, 50 U.S.C. 1703(b) (IEEPA), I hereby report that I 
have issued an Executive Order (this ``order'') in which I terminate the 
national emergency declared in Executive Order 12722 of August 2, 1990, 
amend Executive Order 13290 of March 20, 2003, and take additional steps 
regarding the national emergency I declared in Executive Order 13303 of 
May 22, 2003, and expanded in Executive Order 13315 of August 28, 2003. 
I have determined that the situations that gave rise to these national 
emergencies have been significantly altered by the removal of the regime 
of Saddam Hussein and other developments.
    Executive Order 12722 of August 2, 1990, imposed sanctions on Iraq 
in response to its invasion of Kuwait and other actions. Those sanctions 
were modified in Executive Order 12724 of August 9, 1990, in light of 
United Nations Security Council Resolution (UNSCR) 661 of August 6, 
1990, which also imposed sanctions on Iraq. I have determined that the 
removal of the regime of Saddam Hussein warrants the termination 
altogether of the national emergency declared in Executive Order 12722. 
This action is consistent with United Nations Security Council 
Resolutions 1483 and 1546, of May 22, 2003, and June 8, 2004, 
respectively, which substantially lifted the multilateral economic 
sanctions against Iraq.
    Although I am terminating the national emergency declared in 
Executive Order 12722, pursuant to my authority under IEEPA, I am 
continuing for the near future certain prohibitions with respect to 
property previously blocked pursuant to Executive Orders 12722 and 
12724. Such prohibitions are necessary on account of claims involving 
Iraq.
    Consistent with section 203(a)(1)(C) of IEEPA, 50 U.S.C. 
1702(a)(1)(C), in Executive Order 13290 of March 20, 2003, I 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 be confiscated 
and vested in the Department of the Treasury. I originally exercised 
these authorities in furtherance of Executive Order 12722. In light of 
the changed circumstances in Iraq, and my decision to terminate the 
national emergency declared in Executive Order 12722, I have now 
determined that the exercise of authorities in Executive Order 13290 
should continue in order to address the national emergency I declared in 
Executive Order 13303 of May 22, 2003, and expanded in Executive Order 
13315 of August 28, 2003, regarding the obstacles posed to the orderly 
reconstruction of Iraq. This order amends Executive Order 13290 to that 
effect.
    In Executive Order 13303 of May 22, 2003, I declared a national 
emergency to address the unusual and extraordinary threat to the 
national security and foreign policy of the United States posed by 
obstacles to the orderly reconstruction of Iraq, the restoration and 
maintenance of peace and security in that country, and the development 
of political, administrative, and economic institutions in Iraq. I 
expanded that emergency in

[[Page 1385]]

Executive Order 13315 of August 28, 2003, in light of UNSCR 1483 of May 
22, 2003, in which the Security Council decided that states shall freeze 
the assets of the former Iraqi regime, Saddam Hussein, and other senior 
officials of the former Iraqi regime, and their immediate family 
members, among others, and cause the transfer of certain of those assets 
to the Development Fund for Iraq. Executive Order 13315 implements this 
provision of UNSCR 1483.
    This order further modifies the actions taken to address the 
national emergency declared in Executive Order 13303, as expanded in 
Executive Order 13315, by amending the Annex to Executive Order 13315 to 
include certain persons determined to have been subject to economic 
sanctions pursuant to Executive Orders 12722 and 12724. Because of their 
association with the prior Iraqi regime, I have determined that these 
persons present an obstacle to the orderly reconstruction of Iraq, the 
restoration and maintenance of peace and security in that country, and 
the development of political, administrative, and economic institutions 
in Iraq and, therefore, I have determined that such persons should be 
subject to sanctions under Executive Order 13315.
    Additionally, in UNSCR 1483, the Security Council decided that 
states shall take appropriate steps to facilitate the safe return to 
Iraqi institutions of Iraqi cultural property or other items of 
archeological, historical, cultural, rare scientific, and religious 
importance that were illegally removed from the Iraq National Museum, 
the National Library, and other locations in Iraq since August 6, 1990, 
including by establishing a prohibition on trade in or transfer of such 
items and items with respect to which reasonable suspicion exists that 
they have been illegally removed. This order, among other actions, 
implements this international legal obligation.
    I have delegated to the Secretary of the Treasury, in 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 me by IEEPA and the United Nations Participation Act 
of 1945, as amended, as may be necessary to carry out the purposes of 
this order. The Secretary of the Treasury may redelegate any of these 
functions to other officers and agencies of the United States Government 
consistent with applicable law. I have directed all agencies of the 
United States Government to take all appropriate measures within their 
authority to carry out the provisions of this order.
    I have enclosed a copy of this order, which became effective at 
12:01 a.m. eastern daylight time on July 30, 2004.
     Sincerely,
                                                George W. Bush

Note: Identical letters were sent to J. Dennis Hastert, Speaker of the 
House of Representatives, and Richard B. Cheney, President of the 
Senate. An original was not available for verification of the content of 
this letter.