Trading with the Enemy Act
- Trading with the Enemy Act
The Trading with the Enemy Act, sometimes abbreviated as TWEA, is a United States federal law, usc|12|95a, enacted in 1917 to restrict trade with countries hostile to the United States. The law gives the President the power to oversee or restrict any and all trade between the U.S. and her enemies in times of war. In 1933 President Franklin D. Roosevelt amended the act to extend the scope to hoarding of gold, which was passed by Congress, and then outlawed gold ownership with Executive Order 6102. These restrictions continued until January 1, 1975.
The Trading with the Enemy Act is often confused with the International Emergency Economic Powers Act, which grants somewhat broader powers to the President and is invoked during states of emergency when not at war.
As of 2008, Cuba is the only country restricted under the act. North Korea is the most recent country to have the restrictions lifted.[Cite news|url=http://news.bbc.co.uk/2/hi/asia-pacific/7476625.stm|title=US to ease North Korea sanctions |date=2008-06-26|accessdate=2008-06-27|work=BBC] .]ee also
*International Emergency Economic Powers Act
*War Powers Act
External links
* [http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000095---a000-.html Text of the law] from Cornell Law School
* [http://www.treas.gov/offices/enforcement/ofac/legal/statutes/twea.pdf U.S. Treasury]
* [http://www.leaderoftomorrow.com/wiki Wiki Dedicated to Research about TWEA]
References
Wikimedia Foundation.
2010.
Look at other dictionaries:
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