An Act
With respect to the powers of the President in time of war or national emergency.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

TITLE I — Amendments to the Trading With the Enemy Act

Amends the Trading With the Enemy Act of 1917 to repeal the authority of the President to regulate economic transactions with foreign countries or nationals except in time of war. Permits non-war emergency regulations in effect as of July 1, 1977, to continue for two years after the enactment of the National Emergency Act, unless the President determines that continuation of such regulations is in the national interest.

Amends the National Emergencies Act to repeal the exemption of transactions in gold and silver from application of such Act.

Amends the Trading With the Enemy Act of 1917 to repeal the authority of the President to take discretionary measures for the enforcement of wartime authority under such Act. Increases the penalties for violations of the Trading With the Enemy Act.

TITLE II — International Emergency Economic Powers

Enacted the International Emergency Economic Powers Act - Authorizes the President to regulate foreign economic transactions when the President declares a national emergency to deal with any unusual and extraordinary threat to the United States which has a foreign source. Directs the President to consult with and report to Congress when exercising such authority. Sets forth penalties for violation of regulations issued under this Act.

TITLE III — Amendments to the Export Administration Act of 1969

Amends the Export Administration Act of 1969 to permit the President to prohibit or curtail (1) exportation (to effectuate the policies of such Act) subject to the jurisdiction of the United States, or (2) exports by persons subject to such jurisdiction.

Approved December 28, 1977.

Legislative History

• H.R. 7738