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[House Document 108-76]
[From the U.S. Government Publishing Office]

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
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.
    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.
                            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 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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