International Emergency Economic Powers Act

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International Emergency Economic Powers Act

Legislation in the United States, passed in 1977, that allows the president to declare a national emergency in the event of a foreign threat to the U.S. After such a declaration, the president may embargo the country from which the threat originates, and may also freeze assets or conduct other activities to deal with the situation. The emergency declaration must be renewed every year to remain in effect, and Congress has the ability to rescind it.
References in periodicals archive ?
81) The attacks on September 11, 2001 ended any chance of reconciliation; a few weeks after the attacks President Bush issued Executive Order 13,224, declaring a national emergency based on his authority under the IEEPA.
33) Trade sanctions are enforced through a variety of penalties authorized by IEEPA and TWEA.
C [section][section] 1701--1706 (October 16, 2007), which amended IEEPAs Section 206 on civil and criminal penalties, is available at: http://www.
Further, numerous IEEPA and United Nations designations, and active Treasury Department diplomacy, had already changed outsiders' calculations of the risk associated with doing business in Iran even before comprehensive banking and commercial sanctions were fully in place.
By enacting IEEPA, Congress again narrowed the scope of the President's authority under TWEA to only wartime emergencies, and IEEPA became the primary source for authorizing sanctions during peacetime.
OFAC's primary enforcement actions involve TWEA and IEEPA, but its authority does extend beyond those acts.
The charge of conspiracy carries a potential sentence of five years in prison, while smuggling carries a potential 10-year prison term, AECA carries a potential 10-year prison term, money laundering carries a potential 20-year prison term and IEEPA carries a potential 20-year prison term.
The NMLS correctly identified a gap between the nonbinding informational advisories about specific jurisdictions or financial institutions and the powerful authorities available to the secretary under the IEEPA to impose full-scale sanctions.
IEEPA functions as a sword wielded against terrorism because it allows the seizure of the assets of terrorist groups and organizations whose funds can be traced to terrorism.
In 1995, President Clinton invoked IEEPA authority for the first time to target individual terrorists, terrorist groups and their fundraising, rather than countries.