For Immediate Release
Office of the Press Secretary
May 22, 2003
Executive Order
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)
(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 States or any juris-diction 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 promulga-tion 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.
GEORGE W. BUSH
THE WHITE HOUSE,
May 22, 2003.
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