Provisions
In the United States Code the IEEPA is Title 50, sections 1701-1707. The IEEPA authorizes the president to declare the existence of an "unusual and extraordinary threat... to the national security, foreign policy, or economy of the United States" that originates "in whole or substantial part outside the United States." It further authorizes the president, after such a declaration, to block transactions and freeze assets to deal with the threat. In the event of an actual attack on the United States, the president can also confiscate property connected with a country, group, or person that aided in the attack.
The IEEPA falls under the provisions of the National Emergencies Act (NEA), which means that an emergency declared under the act must be renewed annually to remain in effect, and can be terminated by Congressional resolution.
Read more about this topic: International Emergency Economic Powers Act
Famous quotes containing the word provisions:
“Drinking tents were full, glasses began to clink in carriages, hampers to be unpacked, tempting provisions to be set forth, knives and forks to rattle, champagne corks to fly, eyes to brighten that were not dull before, and pickpockets to count their gains during the last heat. The attention so recently strained on one object of interest, was now divided among a hundred; and, look where you would, there was a motley assemblage of feasting, talking, begging, gambling and mummery.”
—Charles Dickens (1812–1870)
“Perhaps it is a universal truth that the loss of liberty at home is to be charged to provisions against danger, real or pretended, from abroad.”
—James Madison (1751–1836)
“Drinking tents were full, glasses began to clink in carriages, hampers to be unpacked, tempting provisions to be set forth, knives and forks to rattle, champagne corks to fly, eyes to brighten that were not dull before, and pickpockets to count their gains during the last heat. The attention so recently strained on one object of interest, was now divided among a hundred; and, look where you would, there was a motley assemblage of feasting, talking, begging, gambling and mummery.”
—Charles Dickens (1812–1870)