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Dear Madam Speaker:    (Dear Mr. President:)

Pursuant to the International Emergency Economic Powers Act (IEEPA) (50 U.S.C. 1701 et seq.), I hereby report that I have issued an Executive Order with respect to the proliferation of weapons of mass destruction and means of delivering them that takes additional steps with respect to the national emergency described and declared in Executive Order 12938 of November 14, 1994, as amended by and relied on for additional steps in subsequent Executive Orders.

The Executive Order I have issued directs the Secretary of the Treasury, in consultation with the Secretary of State, to take certain actions when the President, or the Secretary of State pursuant to authority delegated by the President and in accordance with the terms of such delegation, has pursuant to section 307(b)(1) of the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (CBW Act), Public Law 102-182 (50 U.S.C. App. 2410c; 22 U.S.C. 2798, 5604-5606), selected from section 307(b)(2) of that Act certain sanctions to impose on a country.  The Executive Order directs the Secretary of the Treasury, in consultation with the Secretary of State, to take the following actions where necessary to implement the sanctions described in the CBW Act selected and maintained by the President or the Secretary of State:

(i)   oppose, in accordance with section 701 of the International Financial Institutions Act (22 U.S.C. 262d), the extension of any loan or financial or technical assistance to that country by international financial institutions; or

(ii)  prohibit any United States bank from making any loan or providing any credit to the government of that country, except for loans or credits for the purpose of purchasing food or other agricultural commodities or products.

The Executive Order additionally revises Executive Order 12851 of June 11, 1993, by adding a corresponding delegation to the Secretary of the Treasury.

I am enclosing a copy of the Executive Order I have issued.