International Emergency Economic Powers Act Law and Legal Definition

International Emergency Economic Powers Act (IEEPA) of 1977 is a federal law that authorizes the U.S. Presidents to regulate commerce after declaring a national emergency in response to any unusual and extraordinary threat to the U.S. which has a foreign source.

IEEPA recodifies, for peacetime emergency use, the wartime economic powers available to the president under the Trading with the Enemy Act (TWEA). IEEPA authorizes the president to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the U.S. to the national security, foreign policy, or economy of the U.S., if the president declares a national emergency with respect to such threat. He can also investigate, regulate, or prohibit any transaction in foreign exchange, and investigate, regulate, direct and compel, nullify, void, prevent or prohibit, any exportation of any property in which any foreign country or a foreign national thereof has any interest. It gives the president broad authority over financial transactions and property in which any foreign country, any citizen or national of a foreign country, or any other person aiding the foreign country, has any interest, provided that the president first declares a national emergency under the act.