What is the International Emergency Economic Powers Act (IEEPA)?

IEEPA is a U.S. federal law enacted in 1977 that grants the President authority to regulate international commerce and financial transactions during a declared national emergency to address unusual and extraordinary threats to national security, foreign policy, or the economy.

What powers does IEEPA grant the President?

IEEPA allows the President, upon declaring a national emergency, to block assets, freeze funds, regulate or prohibit transactions involving foreign property, and impose economic sanctions against foreign countries, entities, or individuals to address a crisis.

How has IEEPA been used historically?

IEEPA has been extensively used to implement economic sanctions programs against various countries (e.g., Iran, North Korea, Russia), terrorist organizations, and human rights abusers, as well as to address cyber threats and other national security concerns.

Does Congress have any role in IEEPA declarations?

While the President can declare a national emergency and invoke IEEPA without prior congressional approval, Congress can terminate the emergency declaration through a joint resolution. Additionally, the President must report to Congress regularly on actions taken under IEEPA.