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TheWeekInCongress.com (TM) Week Ending May 25, 2006
Presidential Notice – Continuation of the National Emergency protecting the Development Fund for Iraq and other property in which Iraq has an interest.
In May 2003 the president declared a national emergency about protecting the Development Funds for Iraq and certain other Iraq property. The Order recognized that the US national security and foreign policy is threatened due to obstacles to the orderly restoration and maintenance of peace and security in the country. Also seen as disrupted is the development of political, administrative and economic institutions in Iraq due to the threat of attachment or other judicial process against the Iraq Development Fund, Iraq petroleum and petroleum products and the interests, proceeds and obligations of the fund financial instruments related to the sale or marketing of those products. This Order protects those interests as well.
The President renewed the Order in 2004 and now extends the Order beyond May 22, 2007 for one year.
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