Page:United States Statutes at Large Volume 91.djvu/1660

 91 STAT. 1626 50 USC app. 16. 50 USC app. 5. International Emergency Economic Powers Act.

50 USC 1701 note-

PUBLIC LAW 95-223—DEC. 28, 1977

SEC. 103. (a) Section 16 of the Trading With the Enemj^ Act is amended by striking out "$10,000" and inserting in lieu thereof "$50,000". (b) Section 5(b)(3) of such Act is amended by striking out the second sentence. TITLE II—INTERNATIONAL EMERGENCY ECONOMIC POWERS SHORT TITLE

SEC. 201. This title may be cited as the "International Emergency Economic Powers Act". SITUATIONS I N W H I C H AUTHORITIES MAY BE EXERCISED

Unusual and extraordinary threat. Presidential declaration of national emergency.

50 USC 1701.

SEC. 202. (a) Any authority granted to the President by section 203 may be exercised to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security, foreign policy, or economy of the United States, if the President declares a national emergency with respect to such threat. (b) The authorities granted to the President by section 203 may only be exercised to deal with an unusual and extraordinary threat with respect to which a national emergency has been declared for purposes of this title and may not be exercised for any other purpose. Any exercise of such authorities to deal with any new threat shall be based on a new declaration of national emergency which must be with respect to such threat. GRANT OF AUTHORITIES

50 USC 1702.

Records, maintenance and availability.

SEC. 203. (a)(1) At the times and to the extent specified in section 202, the President may, under such regulations as he may prescribe, by means of instructions, licenses, or otherwise— (A) investigate, regulate, or prohibit— (i) any transactions in foreign exchange, (ii) transfers of credit or payments between, by, through, or to any banking institution, to the extent that such transfers or payments involve any interest of any foreign country or a national thereof, (iii) the importing or exporting of currency or securities; and (B) investigate, regulate, direct and compel, nullify, void, prevent or prohibit, any acquisition, holding, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest; by any person, or with respect to any property, subject to the jurisdiction of the United States. (2) In exercising the authorities granted by paragraph (1), the President may require any person to keep a full record of, and to furnish under oath, in the form of reports or otherwise, complete information relative to any act or transaction referred to in paragraph (1) either before, during, or after the completion thereof, or relative

�