International Emergency Economic Powers Act

(redirected from International Emergency Economic Powers Act of 1977)
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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.
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The bank was accused of breaking the "Trading with the Enemy Act" and the International Emergency Economic Powers Act of 1977. According to the accusation, Barclays Bank violated US and New York state criminal laws from March 1995 to Sept.
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