Frozen Iraqi Assets in U.S. to be Used in Postwar Iraq
BBSNews - 2003-03-20 -- President Bush March 20 issued an executive order to confiscate
non-diplomatic Iraqi government assets in the United States that have been
frozen since the 1991 Gulf War and which will be used for humanitarian
assistance in postwar Iraq.
The U.S. Treasury Department will hold the funds for eventual use "for the
benefit and welfare of the Iraqi people," according to a statement by
Treasury Secretary John Snow.
The action is in accordance with the International Emergency Economic
Powers Act and the National Emergencies Act, Bush said in a message to
Congress.
The United States is also calling on other countries to identify and
freeze all assets of Saddam Hussein, his regime and their "cronies," Snow
said.
"The success of economic sanctions requires international cooperation and
effective enforcement," Snow said. The United States reserves the right
to take countermeasures and sanctions against any institution that does
not comply, he said.
"I have exercised these authorities ... with respect to the unusual and
extraordinary threat to our national security and foreign policy posed by
the policies and actions of the government of Iraq, Bush said.
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From the State Department.
Michael Hess is the Editor of BBSNews in Charlotte, NC. Write to the editor here. Not all submissions are published. Or visit the completely new BBSNews Blog and Forum on our front page - Please Participate in BBSNews!
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