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White House Press Release: Obama renews Executive Order 13303 for 1 year

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Shredd

Shredd
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White House Press Release: Obama renews Executive Order 13303 for 1 year

Posted: May 19, 2012

For Immediate Release May 18, 2012
Notice — Continuation of the National Emergency with Respect to the Stabilization of Iraq

NOTICE
- – - – - – -
CONTINUATION OF THE NATIONAL EMERGENCY WITH RESPECT

TO THE STABILIZATION OF IRAQ

On May 22, 2003, by Executive Order 13303, the President declared a national emergency protecting the Development Fund for Iraq and certain other property in which Iraq has an interest, pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701-1706). The President took this action to deal with the unusual and extraordinary threat to the national security and foreign policy of the United States posed by obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq.

In Executive Order 13315 of August 28, 2003, Executive Order 13350 of July 29, 2004, Executive Order 13364 of November 29, 2004, and Executive Order 13438 of July 17, 2007, the President modified the scope of the national emergency declared in Executive Order 13303 and took additional steps in response to this national emergency.

Because the obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative, and economic institutions in Iraq continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States, the national emergency declared in Executive Order 13303, as modified in scope and relied upon for additional steps taken in Executive Orders 13315, 13350, 13364, and 13438, must continue in effect beyond May 22, 2012.

Therefore, in accordance with section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)), I am continuing for 1 year the national emergency with respect to the stabilization of Iraq.

This notice shall be published in the Federal Register and transmitted to the Congress.

BARACK OBAMA

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2White House Press Release: Obama renews Executive Order 13303 for 1 year Empty Executive Order 13303 Sat May 19, 2012 12:45 pm

Shredd

Shredd
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Executive Order 13303

Executive Order 13303 was issued on May 22, 2003 by United States President George W. Bush to protect the Development Fund for Iraq for the rebuilding of Iraq from any legal attachments or liens. Further, it protects Iraqi oil products and interests and ownership by US persons (defined to include US corporations) from attachment as well. Executive Order 13303 also terminates sanctions specified in EO 12722, EO 12724, EO 13290, as it applies to the development fund. In effect, EO 13303 provides an extraordinarily broad legal shield for any and all contractors and mercenaries working in Iraq on behalf of US corporations in any oil related enterprise.

Effects of EO 13303

The primary effect of EO 13303 is the legal protection of US oil companies. EO 13303 is part of a broader endeavor by the Bush administration to exert control over Iraqi oil revenues. The plan centers on the Development Fund for Iraq, created by the United Nations and nominally controlled by the United States, with advice from the World Bank and the International Monetary Fund (IMF). The second part of the plan is EO 13303, providing absolute legal protection for US interests in Iraqi oil.

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tlm724

tlm724
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Shredd thank you

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