[Weekly Compilation of Presidential Documents Volume 39, Number 21 (Monday, May 26, 2003)]
[Pages 646-647]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Executive Order 13303--Protecting the Development Fund for Iraq and 
Certain Other Property in Which Iraq Has an Interest

May 22, 2003

    By the authority vested in me as President by the Constitution and 
the laws of the United States of America, including the International 
Emergency Economic Powers Act, as amended (50 U.S.C. 1701 et seq.) 
(IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 
5 of the United Nations Participation Act, as amended (22 U.S.C. 287c) 
(UNPA), and section 301 of title 3, United States Code,
    I, George W. Bush, President of the United States of America, find 
that the threat of attachment or other judicial process against the 
Development Fund for Iraq, Iraqi petroleum and petroleum products, and 
interests therein, and proceeds, obligations, or any financial 
instruments of any nature whatsoever arising from or related to the sale 
or marketing thereof, and interests therein, obstructs the orderly 
reconstruction of Iraq, the restoration and maintenance of peace and 
security in the country, and the development of political, 
administrative, and economic institutions in Iraq. This situation 
constitutes an unusual and extraordinary threat to the national security 
and foreign policy of the United States and I hereby declare a national 
emergency to deal with that threat.
    I hereby order:
    Section 1. Unless licensed or otherwise authorized pursuant to this 
order, any attachment, judgment, decree, lien, execution, garnishment, 
or other judicial process is prohibited, and shall be deemed null and 
void, with respect to the following:
    (a) the Development Fund for Iraq, and
    (b) all Iraqi petroleum and petroleum products, and interests 
therein, and proceeds, obligations, or any financial instruments of any 
nature whatsoever arising from or related to the sale or marketing 
thereof, and interests therein, in which any foreign country or a 
national thereof has any interest, that are in the United States, that 
hereafter come within the United States, or that are or hereafter come 
within the possession or control of United States persons.
    Sec. 2. (a) As of the effective date of this order, Executive Order 
12722 of August 2, 1990, Executive Order 12724 of August 9, 1990, and 
Executive Order 13290 of March 20, 2003, shall not apply to the property 
and interests in property described in section 1 of this order.
    (b) Nothing in this order is intended to affect the continued 
effectiveness of any rules, regulations, orders, licenses or other forms 
of administrative action issued, taken, or continued in effect 
heretofore or hereafter under Executive Orders 12722, 12724, or 13290, 
or under the authority of IEEPA or the UNPA, except as hereafter 
terminated, modified, or suspended by the issuing Federal agency and 
except as provided in section 2(a) of this order.
    Sec. 3. For the purposes of this order:
    (a) The term ``person'' means an individual or entity;
    (b) The term ``entity'' means a partnership, association, trust, 
joint venture, corporation, group, subgroup, or other organization;
    (c) The term ``United States person'' means any United States 
citizen, permanent resident alien, entity organized under the laws of 
the United States or any jurisdiction within the United States 
(including foreign branches), or any person in the United States;
    (d) The term ``Iraqi petroleum and petroleum products'' means any 
petroleum, petroleum products, or natural gas originating in Iraq, 
including any Iraqi-origin oil inventories, wherever located; and
    (e) The term ``Development Fund for Iraq'' means the fund 
established on or about May 22, 2003, on the books of the Central Bank 
of Iraq, by the Administrator of the Coalition Provisional Authority 
responsible for the temporary governance of Iraq and all accounts held 
for the fund or for the Central Bank of Iraq in the name of the fund.
    Sec. 4. (a) The Secretary of the Treasury, in consultation with the 
Secretary of State and the Secretary of Defense, is hereby authorized to 
take such actions, including the promulgation of rules and regulations, 
and to employ all powers granted to the President by IEEPA and the UNPA 
as may be necessary to carry out the purposes of this order.

[[Page 647]]

The Secretary of the Treasury may redelegate any of these functions to 
other officers and agencies of the United States Government. All 
agencies of the United States Government are hereby directed to take all 
appropriate measures within their statutory authority to carry out the 
provisions of this order.
    (b) Nothing contained in this order shall relieve a person from any 
requirement to obtain a license or other authorization in compliance 
with applicable laws and regulations.
    Sec. 5. This order is not intended to, and does not, create any 
right, benefit, or privilege, substantive or procedural, enforceable at 
law or in equity by a party against the United States, its departments, 
agencies, entities, officers, employees, or agents, or any other person.
    Sec. 6. This order shall be transmitted to the Congress and 
published in the Federal Register.
                                                George W. Bush
 The White House,
 May 22, 2003.

 [Filed with the Office of the Federal Register, 11:28 a.m., May 23, 
2003]

Note: This Executive order will be published in the Federal Register on 
May 28.