Trading with the Enemy Act of 1917
The Trading with the Enemy Act of 1917 (40 Stat. 411, enacted 6 October 1917, codified at 12 U.S.C. §§ 95a–95b and 50 U.S.C. App. §§ 1—44), sometimes abbreviated as TWEA, is a United States federal law 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 passing the Emergency Banking Relief Act which extended the scope of the Trading with the enemy Act 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 to essentially outlaw gold ownership through 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 which is invoked during states of emergency when not at war.
As of 2016, Cuba is the only country restricted under the Act. North Korea is the most recent country to have the restrictions lifted.[2][3]
See also
- International Emergency Economic Powers Act
- War Powers Act
- Trading with the Enemy Act
- Senate Report 93-549
External links
- Text of the law from Cornell Law School
- U.S. Treasury
References
- ^ Cornell Law School
- ^ "US to ease North Korea sanctions". BBC. 2008-06-26. Retrieved 2008-06-27.
- ^ "Overview of Sanctions with North Korea". U.S. Treasury. Retrieved 22 November 2013.
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