Today, the President signed a Proclamation determining that the continuation of the exercise of authorities under the Trading With the Enemy Act (TWEA), 50 U.S.C. App. 1 et seq., with respect to North Korea, as authorized in Proclamation 2914 of December 16, 1950, most recently continued under Presidential Determination 2007-32 of September 13, 2007 (72 FR 53407), and implemented by the Foreign Assets Control Regulations, 31 C.F.R. part 500, and the Transaction Control Regulations, 31 C.F.R. part 505, is no longer in the national interest of the United States. The Proclamation terminates the exercise of these TWEA authorities with respect to North Korea, effective at 12:01 a.m. eastern daylight time on June 27, 2008, and rescinds Presidential Determination 2007-32 with respect to North Korea.
The President also issued an Executive order declaring a new national emergency, under the authority of the International Emergency Economic Powers Act, 50 U.S.C. 1701 et seq., to deal with the unusual and extraordinary threat to the national security and foreign policy of the United States posed by the current existence and risk of the proliferation of weapons-usable fissile material on the Korean Peninsula. This Executive order continues certain restrictions with respect to North Korea that otherwise would be lifted pursuant to the abovementioned Proclamation.