and Certain Other
Property in Which Iraq Has an Interest
from
ReclaimDemocracy Website
Page From page 31931 of the
Federal Register
Signed May 22, 2003
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) (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 that 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 instruments 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 Orders 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
[Page 31932]
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, wherever 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.
This order shall be
transmitted to the Congress and published in the Federal Register.