Weekly Compilation of Presidential Documents Volume 42 Issue 20 (Monday, May 22, 2006)

[Weekly Compilation of Presidential Documents Volume 42, Number 20 (Monday, May 22, 2006)]
[Pages 957-958]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Notice--Continuation of the National Emergency Protecting the 
Development Fund for Iraq and Certain Other Property in Which Iraq has 
an Interest

May 18, 2006

    On May 22, 2003, by Executive Order 13303, I declared a national 
emergency protecting the Development Fund for Iraq and certain other 
property in which Iraq has an interest, pursuant to the International 
Emergency Economic Powers Act (50 U.S.C. 1701-1706) (IEEPA). I took this 
action to deal with the unusual and extraordinary threat to the national 
security and foreign policy of the United States posed by the 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 constituted 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.
    On August 28, 2003, in Executive Order 13315, I expanded the scope 
of this national emergency to block the property of the former Iraqi 
regime, its senior officials and their family members as the removal of 
Iraqi property from that country by certain senior officials of the 
former Iraqi regime and their immediate family members constitutes an 
obstacle 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.
    On July 29, 2004, in Executive Order 13350, I amended 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 
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, such 
persons should be subject to sanctions under Executive Order 13315.
    Executive Order 13350 also amended Executive Order 13290 of March 
20, 2003, in which, consistent with section 203(a)(1)(C) of IEEPA, 50 
U.S.C. 1702(a)(1)(C), 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 
pursuant to the national emergency in 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 determined that 
the exercise of authorities in Executive Order 13290 should continue in 
order to address the national emergency declared in Executive Order 
13303 of May 22, 2003, as expanded in scope in Executive Order 13315 of 
August 28, 2003, regarding the obstacles posed to the orderly 
reconstruction of Iraq. Executive Order 13350 amends Executive Order 
13290 to that effect.
    On November 29, 2004, in Executive Order 13364, I modified the scope 
of this national emergency to address the unusual and extraordinary 
threat to the national security and foreign policy of the United States 
posed by the threat of attachment or other judicial process against the 
Central Bank of Iraq. I also determined that, consistent with United 
Nations Security Council Resolutions 1483 and 1546, the steps taken in 
Executive Order 13303 to deal with this national emergency need to be 
limited so that such steps do not apply with respect to any final 
judgment arising out of a contractual obligation entered into by the 
Government of Iraq, including any agency or instrumentality thereof, 
after June 30, 2004, and so that, with respect to Iraqi petroleum and 
petroleum products and interests therein, such steps shall apply only 
until title passes to the initial purchaser.

[[Page 958]]

    Because the 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 continue to pose an unusual and extraordinary threat to the 
national security and foreign policy of the United States, the national 
emergency declared on May 22, 2003, and the measures adopted on that 
date, August 28, 2003, July 29, 2004, and November 29, 2004, to deal 
with that emergency must continue in effect beyond May 22, 2006. 
Therefore, in accordance with section 202(d) of the National Emergencies 
Act (50 U.S.C. 1622(d)), I am continuing for 1 year the national 
emergency protecting the Development Fund for Iraq and certain other 
property in which Iraq has an interest.
    This notice shall be published in the Federal Register and 
transmitted to the Congress.
                                                George W. Bush
The White House,
May 18, 2006.

[Filed with the Office of the Federal Register, 12:56 p.m., May 18, 
2006]

Note: This notice was published in the Federal Register on May 19.