For Immediate Release
Office of the Press Secretary
March 20, 2003
Message to the Congress of the United States
March 20, 2003
TO THE CONGRESS OF THE UNITED STATES:
Pursuant to section 204(b) of the International Emergency Economic
Powers Act, 50 U.S.C. 1703(b) (IEEPA), and section 301 of the National
Emergencies Act, 50 U.S.C. 1631, I hereby report that I have taken
additional steps with respect to the national emergency declared in
Executive Order 12722 of August 2, 1990, by exercising my statutory
authority to confiscate and vest certain property of the Government of
Iraq and its agencies, instrumentalities, or controlled entities.
Consistent with section 203(a)(1)(C) of IEEPA, 50 U.S.C.
1702(a)(1)(C), as added by section 106 of the USA PATRIOT ACT, Public
Law 107-56, I have ordered that certain 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. I have made exceptions for 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. In addition,
such amounts that, as of the date of the 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) are not being vested, provided that, upon
satisfaction of the judgments on which such writs are based, any
remainder of such excepted amounts shall, without further action, be
confiscated and vested.
I have delegated to the Secretary of the Treasury authority to
undertake all other action of the President and 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 promul-gation of rules and regulations as may be
necessary to carry out the purposes of this order.
I am enclosing a copy of the Executive Order I have issued, which
is effective immediately.
I have exercised these authorities in furtherance of Executive
Orders 12722 and 12724 with respect to the unusual and extraordinary
threat to our national security and foreign policy posed by the
policies and actions of the Government of Iraq. I intend that such
vested property should be used to assist the Iraqi people and to assist
in the reconstruction of Iraq, and have determined that such use would
be in the interest of and for the benefit of the United States.
The power to vest assets of a foreign government with which the
United States is engaged in armed hostilities is one that has been
recognized for many decades. This power is being used here because it
is clearly in the interests of the United States to have these funds
available for use in rebuilding Iraq and launching that country on the
path to speedy economic recovery. In addition, this authority is being
invoked in a limited way, designed to minimize harm to third parties
and to respect existing court orders as much as possible.
GEORGE W. BUSH
THE WHITE HOUSE,
March 20, 2003.
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