(Archived Content)
EXECUTIVE ORDER
CONFISCATING AND VESTING CERTAIN IRAQI PROPERTY
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 (50 U.S.C. 1701 et seq.) (IEEPA), the
National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of
title 3, United States Code, and in order to take additional steps with
respect to the national emergency declared in Executive Order 12722 of
August 2, 1990,
I, GEORGE W. BUSH, President of the United States of America,
hereby determine that the United States and Iraq are engaged in armed
hostilities, that it is in the interest of the United States to
confiscate certain property of the Government of Iraq and its agencies,
instrumentalities, or controlled entities, and that all right, title,
and interest in any property so confiscated should vest in the
Department of the Treasury. I intend that such vested property should
be used to assist the Iraqi people and to assist in the reconstruction
ofIraq
, and determine that such use would be in the interest of and
for the benefit of the United States.
I hereby order:
Section 1. All 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 are hereby confiscated and vested in the Department of
the Treasury, except for the following:
(a) any such funds that are subject to the Vienna Convention on
Diplomatic Relations or the Vienna Convention on Consular Relations, or
that enjoy equivalent privileges and immunities under the laws of the
United States, and are or have been used for diplomatic or consular
purposes, and
(b) any such amounts that as of the date of this order are subject
to post-judgment writs of execution or attachment in aid of execution
of judgments pursuant to section 201 of the Terrorism Risk Insurance
Act of 2002 (Public Law 107-297), provided that, upon satisfaction of
the judgments on which such writs are based, any remainder of such
excepted amounts shall, by virtue of this order and without further
action, be confiscated and vested.
Sec. 2. The Secretary of the Treasury is authorized to perform,
without further approval, ratification, or other action of the
President, all functions of the President set forth in section
203(a )(1)(C) of IEEPA with respect to any and all property of the
Government of Iraq, including its agencies, instrumentalities, or
controlled entities, and to take additional steps, including the
promulgation of rules and regulations as may be necessary, to carry out
the purposes of this order. The Secretary of the Treasury may
redelegate such functions in accordance with applicable law. The
Secretary of the Treasury shall consult the Attorney General as
appropriate in the implementation of this order.
Sec. 3. This order shall be transmitted to the Congress and
published in the Federal Register.