http://www.whitehouse.gov/news/releases/2007/07/20070717-3.html
Please notice that it is based on the International Emergency Economic Powers Act, codified at 50 U.S.C. 1701, et seq.
The Prez does not have inherent authority to issue EOs except to his own department of the govt. All others depend on statutory authority. Truman tried to seize the steel mills and the Supremes shot that down in Youngstown Sheet & Tube, posted here:
http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=us&vol=343&invol=579
You may read the various sections of the International Emergency Economic Powers Act starting here:
http://caselaw.lp.findlaw.com/scripts/ts_search.pl?title=50&sec=1701
The next section, 1702, provides as follows:
(a) In general
(1) At the times and to the extent specified in section 1701 of
this title, the President may, under such regulations as he may
prescribe, by means of instructions, licenses, or otherwise -
(A) investigate, regulate, or prohibit -
(i) any transactions in foreign exchange,
(ii) transfers of credit or payments between, by, through, or
to any banking institution, to the extent that such transfers
or payments involve any interest of any foreign country or a
national thereof,
(iii) the importing or exporting of currency or securities,
by any person, or with respect to any property, subject to the
jurisdiction of the United States;
(B) investigate, block during the pendency of an investigation,
regulate, direct and compel, nullify, void, prevent or prohibit,
any acquisition, holding, withholding, use, transfer, withdrawal,
transportation, importation or exportation of, or dealing in, or
exercising any right, power, or privilege with respect to, or
transactions involving, any property in which any foreign country
or a national thereof has any interest by any person, or with
respect to any property, subject to the jurisdiction of the
United States; and
(C) when the United States is engaged in armed hostilities or
has been attacked by a foreign country or foreign nationals,
confiscate any property, subject to the jurisdiction of the
United States, of any foreign person, foreign organization, or
foreign country that he determines has planned, authorized,
aided, or engaged in such hostilities or attacks against the
United States; and all right, title, and interest in any property
so confiscated shall vest, when, as, and upon the terms directed
by the President, in such agency or person as the President may
designate from time to time, and upon such terms and conditions
as the President may prescribe, such interest or property shall
be held, used, administered, liquidated, sold, or otherwise dealt
with in the interest of and for the benefit of the United States,
and such designated agency or person may perform any and all acts
incident to the accomplishment or furtherance of these purposes.
You may read this section here:
http://caselaw.lp.findlaw.com/casecode/uscodes/50/chapters/35/sections/section_1702.html
In summary, I do not think this EO will affect most Americans. It generally applies to foreign exchanges and transactions and foreigners.
Larry
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