U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 

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19–011 2003

108th Congress, 1st Session – – – – – – – – – – – – – House Document 108–76

PROTECTING THE DEVELOPMENT FUND FOR IRAQ 

AND CERTAIN OTHER PROPERTY IN WHICH IRAQ 

HAS AN INTEREST

MESSAGE

FROM

THE PRESIDENT OF THE UNITED STATES

TRANSMITTING

HIS DECLARATION OF 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, PURSUANT TO 50 U.S.C. 1703(b) AND 50 U.S.C. 1631

JUNE 2, 2003.—Message and accompanying papers referred to the 

Committee on International Relations and ordered to be printed


E:\Seals\Congress.#13
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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, 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. 

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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.

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EXECUTIVE ORDER

PROTECTING THE DEVELOPMENT FUND FOR IRAQ AND CERTAIN

OTHER PROPERTY IN WHICH IRAQ HAS AN INTEREST

By the authority vested in me as President by the Constitution 

and the laws of the United States of America, including the International Emergency Economic Powers Act, as amended (50 U.S.C. 

1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 

1601 et seq., section 5 of the United Nations Participation Act, as 

amended (22 U.S.C. 287c) (22 U.S.C. 287c) (UNPA), and section 

301 of title 3, United States Code, 

I, GEORGE W. BUSH, President of the United States of America, find that 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, obstructs 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. This 

situation constitutes an unusual and extraordinary threat to the 

national security and foreign policy of the United States and I 

hereby declare a national emergency to deal with the threat. 

I hereby order: 

Section 1. Unless licensed or otherwise authorized pursuant to 

this 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 instructions of 

any nature whatsoever arising from or related to the sale or 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. 

Sec. 2. (a) As of the effective date of this order, Executive Order 

12722 of August 2, 1990, Executive Order 12724 of August 9, 1990, 

and Executive Order 13290 of March 20, 2003, shall not apply to 

the property and interests in property described in section 1 of this 

order. 

(b) Nothing in this order is intended to affect the continued effectiveness of any rules, regulations, orders, licenses or other forms of 

administrative action issued, taken, or continued in effect heretofore or hereafter under Executive Order 12722, 12724, or 13290, 

or under the authority of IEEPA or the UNPA, except as hereafter 

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terminated, modified, or suspended by the issuing Federal agency 

and except as provided in section 2(a) of this order. 

Sec. 3. For the purposes of this order: 

(a) The term ‘‘person’’ means an individual or entity; 

(b) The term ‘‘entity’’ means a partnership, association, trust, 

joint venture, corporation, group, subgroup, or other organization; 

(c) The term ‘‘United States, person’’ means any United States 

citizen, permanent resident alien, entity organized under the laws 

of the United States or any jurisdiction within the United States 

(including foreign branches), or any person in the United States; 

(d) the term ‘‘Iraqi petroleum and petroleum products’’ means 

any petroleum, petroleum products, or natural gas originating in 

Iraq, including any Iraqi-origin oil inventories, where ever located; 

and 

(e) The term ‘‘Development Fund for Iraq’’ means the fund established on or about May 22, 2003, on the books of the Central Bank 

of Iraq, by the Administrator of the Coalition Provisional Authority 

responsible for the temporary governance of Iraq and all accounts 

held for the fund or for the Central Bank of Iraq in the name of 

the fund. 

Sec. 4. (a) The Secretary of the Treasury, in consultation with the 

Secretary of State and the Secretary of Defense, is hereby authorized to take such actions, including the promulgation of rules and 

regulations, and to employ all powers granted to the President by 

IEEPA and the UNPA 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. All agencies of the United States Government 

are hereby directed to take all appropriate measures within their 

statutory authority to carry out the provisions of this order. 

(b) Nothing contained in this order shall relieve a person from 

any requirement to obtain a license or other authorization in compliance with applicable laws and regulations. 

Sec. 5. This order is not intended to, and does not, create any 

right, benefit, or privilege, substantive or procedural, enforceable at 

law or in equity by a party against the United States, its departments, agencies, entities, officers, employees, or agents, or any 

other person. 

Sec. 6. The order shall be transmitted to the Congress and published in the Federal Register.

GEORGE W. BUSH. 

THE WHITE HOUSE, May 22, 2003.

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