International Emergency Economic Powers Act

International Emergency Economic Powers Act

Long title	An Act with respect to the powers of the President in time of war or national emergency.
Acronyms (colloquial)	IEEPA
Enacted by	the 95th United States Congress
Effective	December 28, 1977
Citations
Public law	95-223
Statutes at Large	91 Stat. 1625
Codification
Titles amended	50 U.S.C.: War and National Defense
U.S.C. sections created	50 U.S.C. ch. 35 § 1701 et seq.
Legislative history
Introduced in the House as H.R. 7738 by Jonathan B. Bingham (D-NY) on June 13, 1977 Committee consideration by House Foreign Affairs, Senate Banking, Housing, and Urban Affairs Passed the House on July 12, 1977 (passed) Passed the Senate on October 11, 1977 (passed) with amendment House agreed to Senate amendment on November 30, 1977 (agreed) with further amendment Senate agreed to House amendment on December 7, 1977 (agreed) Signed into law by President Jimmy Carter on December 28, 1977
United States Supreme Court cases
Dames & Moore v. Regan

The International Emergency Economic Powers Act (IEEPA), Title II of Pub.L. 95–223, 91 Stat. 1626, enacted October 28, 1977, is a United States federal law authorizing the President to regulate commerce after declaring a national emergency in response to any unusual and extraordinary threat to the United States which has a foreign source.

The H.R. 7738 legislation was passed by the United States 95th Congressional session and signed by the 39th President of the United States Jimmy E. Carter on December 28, 1977.

In the United States Code, the IEEPA is Title 50, §§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.

Congress enacted the IEEPA in 1977 to clarify and restrict presidential power during times of declared national emergency under the Trading with the Enemy Act of 1917 ("TWEA"). Under TWEA, starting with Franklin D. Roosevelt in 1933, presidents had the power to declare emergencies without limiting their scope or duration, without citing the relevant statutes, and without congressional oversight. The Supreme Court in Youngstown Sheet & Tube Co. v. Sawyer limited what a president could do in such an emergency, but did not limit the emergency declaration power itself. A 1973 Senate investigation found (in Senate Report 93-549) that four declared emergencies remained in effect: the 1933 banking crisis with respect to the hoarding of gold, a 1950 emergency with respect to the Korean War, a 1970 emergency regarding the postal workers strike, and a 1971 emergency in response to the government's deteriorating economic and fiscal conditions. Congress terminated these emergencies with the National Emergencies Act, and then passed the IEEPA to restore the emergency power in a limited, overseeable form.

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