Sec. 3. Amendments to the International Emergency Economic Powers Act and the Trading with the Enemy Act
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Section 203 of the International Emergency Economic Powers Act ( 50 U.S.C. 1702 ) is amended by adding at the end the following: If the authority granted to the President under this section is exercised with respect to a covered national emergency, the President shall transmit to the appropriate congressional committees, not less frequently than annually, a periodic evaluation in writing that— assesses the effectiveness of the exercise of such authority in resolving the covered national emergency; considers the views of public- and private-sector stakeholders; and discusses any potential changes to the exercise of the authority for the purpose of more effectively resolving the covered national emergency.
In this subsection— the term appropriate congressional committees means— the Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives; and the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate; and the term covered national emergency means a national emergency that— the President declared two or more years prior to the exercise of any authority granted to the President under this section with respect to such national emergency; and has not terminated. .
Section 204 of the International Emergency Economic Powers Act ( 50 U.S.C. 1703 ) is amended— by striking the Congress each place it appears and inserting the appropriate congressional committees ; and by adding at the end the following: In this section, the term appropriate congressional committees has the meaning given that term in section 203(d)(2). . Section 205 of the International Emergency Economic Powers Act ( 50 U.S.C. 1704 ) is amended— by striking The President and inserting
(a)The President ; and by adding at the end the following: In issuing regulations under subsection (a), the President shall— consider the costs and benefits of available statutory and regulatory alternatives; evaluate the costs and benefits for the purpose of expeditiously resolving the applicable national emergency; establish criteria for the eventual termination of the applicable national emergency; and include in the basis and purpose incorporated in the regulations— an explanation of how the regulations will resolve the applicable national emergency; and a discussion of the costs and benefits. . Section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) is amended by adding at the end the following: An action, suit, or proceeding for the enforcement of any civil fine, penalty, or forfeiture, pecuniary or otherwise, shall not be entertained unless commenced within 10 years from the latest date of the violation upon which the civil fine, penalty, or forfeiture is based. No person shall be prosecuted, tried, or punished for any offense under this section unless the indictment is found or the information is instituted within 10 years from the latest date of the violation upon which the indictment or information is based. . Section 16 of the Trading with the Enemy Act ( 50 U.S.C. 4315 ) is amended by adding at the end the following: No person shall be prosecuted, tried, or punished for any offense under this section unless the indictment is found or the information is instituted within 10 years from the latest date of the violation upon which the indictment or information is based. An action, suit, or proceeding for the enforcement of any civil fine, penalty, or forfeiture, pecuniary or otherwise, shall not be entertained unless commenced within 10 years from the latest date of the violation upon which the civil fine, penalty, or forfeiture is based. .
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Sec. 3
Amendments to the International Emergency Economic Powers Act and the Trading with the Enemy Act
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