What US International Emergency Economic Powers Act of 1977 (50 U.S.C. Chapter 35): Presidential Authority to Regulate Economic Transactions During a Declared National Emergency requires
The International Emergency Economic Powers Act (IEEPA), codified at 50 U.S.C. Chapter 35 (sections 1701 through 1708), authorizes the President to regulate a broad range of economic transactions after declaring a national emergency to deal with an unusual and extraordinary threat, having its source in whole or substantial part outside the United States, to the national security, foreign policy, or economy of the United States. It is the principal statutory authority for United States economic sanctions programs administered by the Department of the Treasury through the Office of Foreign Assets Control. Section 1701 establishes the predicate of an unusual and extraordinary threat and the declaration of a national emergency to deal with it. Section 1702 grants the President authority to investigate, regulate, or prohibit transactions in foreign exchange, transfers of credit, and payments, and to investigate, block during the pendency of an investigation, regulate, or prohibit the acquisition, holding, use, or transfer of any property in which any foreign country or a national thereof has an interest. Section 1703 requires consultation with the Congress and periodic reports. Section 1704 authorizes the President to issue regulations to carry out the granted authorities. Section 1705 sets the penalties, with civil penalties up to 250,000 dollars per violation and criminal penalties of fines up to 1,000,000 dollars and imprisonment up to 20 years. Section 1706 preserves certain pre-existing authorities and obligations. Section 1707 addresses multinational economic embargoes against governments in armed conflict. Section 1708 authorizes actions to address economic or industrial espionage in cyberspace. The Act is the foundational statute for United States sanctions authority short of a state of war.
Pillar: Trade Compliance & Export Controls · Authority: U.S. Congress / Department of the Treasury - Office of Foreign Assets Control · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title50/html/USCODE-2022-title50-chap35.htm
SHA-256 integrity: 310b15c070c64761fa805ed5dcd6731bc720b7a469057d4454160693b97d13e5
Primary Citations — 8 traced to source
- International Emergency Economic Powers Act, 50 U.S.C. 1701 - unusual and extraordinary threat; declaration of national emergency.
- International Emergency Economic Powers Act, 50 U.S.C. 1702 - presidential authorities.
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