Trading with the Enemy Act of 1917
The Trading with the Enemy Act, sometimes abbreviated as TWEA, is a United States federal law, 12 U.S.C. § 95a, enacted in 1917 to restrict trade with countries hostile to the United States. The law gives the President the power to oversee or restrict any and all trade between the U.S. and its enemies in times of war. In 1933 the U.S. Congress amended the act by the passage of the Emergency Banking Relief Act which extend its scope regarding the hoarding of gold to include any declared national emergency and not just those declared solely during times of war. President Franklin D. Roosevelt then used these new authorities granted by Congress to then basically outlaw gold ownership by his direction starting with the issuance of Executive Order 6102. These restrictions continued until January 1, 1975. The Act has been amended several other times.[1]
The Trading with the Enemy Act is often confused with the International Emergency Economic Powers Act, which grants somewhat broader powers to the President and is invoked during states of emergency when not at war.
As of 2008, Cuba is the only country restricted under the act. North Korea is the most recent country to have the restrictions lifted.[2]
[edit] See also
[edit] External links
- research project focusing on TWEA's development
- Text of the law from Cornell Law School
- U.S. Treasury
[edit] References
- ^ Cornell Law School
- ^ "US to ease North Korea sanctions". BBC. 2008-06-26. http://news.bbc.co.uk/2/hi/asia-pacific/7476625.stm. Retrieved 2008-06-27.
 |
This United States federal legislation article is a stub. You can help Wikipedia by expanding it. |
