Sec. 9. Financial measures
437 words·~2 min read·
/bill/116/hr/3289/ih/section-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The President shall exercise all powers granted by the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) (except that the requirements of section 202 of such Act ( 50 U.S.C. 1701 ) shall not apply) to the extent necessary to block and prohibit all transactions in all property and interests in property of a person on the list required under section 7(a) if such property and interests in property— are in the United States; come within the United States; or are or come within the possession or control of a United States person. The requirement to impose sanctions under subsection
(a)shall not include the authority to impose sanctions with respect to the importation of goods. In this subsection, the term good means any article, natural or manmade substance, material, supply or manufactured product, including inspection and test equipment, and excluding technical data. The President may waive the application of subsection
(a)if the President— determines that such waiver is vital for the national security interests of the United States; and not later than 15 days before granting the waiver, submits to the appropriate congressional committees notice of, and a justification for, the waiver. Any person that violates, attempts to violate, conspires to violate, or causes a violation of subsection
(a)or any regulation, license, or order issued to carry out that subsection shall be subject to the penalties set forth in subsections
(b)and
(c)of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection
(a)of such section. Not later than 120 days after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe or amend regulations to the extent necessary to require each financial institution that is a United States person and has within its possession or control assets that are property or interests in property of a person on the list required under section 7(a) to certify to the Secretary that, to the best of the knowledge of the financial institution, the financial institution has blocked all assets within the possession or control of the financial institution in accordance with subsection (a). Not later than 10 days before prescribing or revising regulations under paragraph (2), the President shall notify the appropriate congressional committees of the proposed regulations and the provisions of this Act or amendments made by this Act that the regulations are implementing. The Secretary of the Treasury shall issue such regulations, licenses, and orders as may be necessary to carry out this section.
Connectionstraces to 2
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources