Modifying the Protection Granted to the 
                Development Fund for Iraq and Certain Property in Which 
                Iraq Has an Interest and Protecting the Central Bank of 
                Iraq

                By the authority vested in me as President by the 
                Constitution and the laws of the United States of 
                America, including the International Emergency Economic 
                Powers Act, as amended (50 U.S.C. 1701 et seq.) 
                (IEEPA), the National Emergencies Act (50 U.S.C. 1601 
                et seq.), section 5 of the United Nations Participation 
                Act, as amended (22 U.S.C. 287c) (UNPA), and section 
                301 of title 3, United States Code,

                I, GEORGE W. BUSH, President of the United States of 
                America, hereby modify the scope of the national 
                emergency declared in Executive Order 13303 of May 22, 
                2003, and expanded in Executive Order 13315 of August 
                28, 2003, and further modified in Executive Order 13350 
                of July 29, 2004, to address 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 that country, 
                and the development of political, administrative, and 
                economic institutions in Iraq. I find that the threat 
                of attachment or other judicial process against the 
                Central Bank of Iraq constitutes one of these 
                obstacles. I further determine that, consistent with 
                United Nations Security Council Resolutions 1483 of May 
                22, 2003, and 1546 of June 8, 2004, the steps taken in 
                Executive Order 13303 to deal with the national 
                emergency declared therein need to be limited so that 
                such steps do not apply with respect to any final 
                judgment arising out of a contractual obligation 
                entered into by the Government of Iraq, including any 
                agency or instrumentality thereof, after June 30, 2004, 
                and so that, with respect to Iraqi petroleum and 
                petroleum products and interests therein, such steps 
                shall apply only until title passes to the initial 
                purchaser.

                I hereby order:

                Section 1. Section 1 of Executive Order 13303 is hereby 
                amended to read as follows:



``Section 1. (a) Except as provided in section 1(b) of this order, and 
unless licensed or otherwise authorized pursuant to this order, any 
attachment, judgment, decree, lien, execution, garnishment, or other 
judicial process is prohibited and shall be deemed null and void with 
respect to the following:

(i)

 the Development Fund for Iraq;

(ii)

 all Iraqi petroleum and petroleum products, and interests therein, but 
only until title passes to the initial purchaser, and proceeds, 
obligations, or any financial instruments of any nature whatsoever arising 
from or related to the sale or marketing thereof, and interests therein, in 
which any foreign country or a national thereof has any interest, that are 
in the United States, that hereafter come within the United States, or that 
are or hereafter come within the possession or control of United States 
persons; and

[[Page 70178]]

(iii)

 any accounts, assets, investments, or any other property of any kind owned 
by, belonging to, or held by the Central Bank of Iraq, or held, maintained, 
or otherwise controlled by any financial institution of any kind in the 
name of, on behalf of, or otherwise for the Central Bank of Iraq.

(b)

 The prohibition in section 1(a) of this order shall not apply with respect 
to any final judgment arising out of a contractual obligation entered into 
by the Government of Iraq, including any agency or instrumentality thereof, 
after June 30, 2004.''

                Sec. 2. (a) The Secretary of the Treasury, in 
                consultation with the Secretary of State, is hereby 
                authorized to take such actions, including the 
                promulgation of rules and regulations, and to employ 
                all powers granted to the President by IEEPA and the 
                UNPA as may be necessary to carry out the purposes of 
                this order. The Secretary of the Treasury may 
                redelegate any of these functions to other officers and 
                agencies of the United States Government consistent 
                with applicable law. All agencies of the United States 
                Government are hereby directed to take all appropriate 
                measures within their authority to carry out the 
                provisions of this order.

                (b) Nothing contained in this order shall relieve a 
                person from any requirement to obtain a license or 
                other authorization in compliance with applicable laws 
                and regulations.

                Sec. 3. This order is not intended to, and does not, 
                create any right, benefit, or privilege, substantive or 
                procedural, enforceable at law or in equity by a party 
                against the United States, its departments, agencies, 
                entities, officers, employees, or agents, or any other 
                person.

                Sec. 4. This order shall be transmitted to the Congress 
                and published in the Federal Register.

                    (Presidential Sig.)B

                THE WHITE HOUSE,

                     November 29, 2004.