Letter to Congressional Leaders on the National Emergency With Respect to Yugoslavia

Dear Mr. Speaker: (Dear Mr. President:)

Pursuant to section 204(b) of the International Emergency Economic Powers Act, 50 U.S.C. 1703(b), and section 301 of the National Emergencies Act, 50 U.S.C. 1631, I hereby report that I have exercised my statutory authority in order to declare a national emergency to respond to the threat to the national security created by the actions and policies of the Governments of Serbia and Montenegro, acting under the name of the Socialist Federal Republic of Yugoslavia or the Federal Republic of Yugoslavia, and to issue an Executive order that blocks all property including bank deposits of the Governments of Serbia and Montenegro, as well as property in the name of the Government of the Socialist Federal Republic of Yugoslavia or the Government of the Federal Republic of Yugoslavia, in the United States or in the control of U.S. persons including their overseas branches.

The Secretary of the Treasury is authorized to issue regulations implementing these prohibitions.

I am enclosing a copy of the Executive order that I have issued.

I have authorized these measures in response to the actions and policies of the Governments of Serbia and Montenegro, acting under the name of the Socialist Federal Republic of Yugoslavia or the Federal Republic of Yugoslavia, in their involvement in and support for groups attempting to seize territory in Croatia and Bosnia-Hercegovina by force and violence utilizing, in part, the forces of the so-called Yugoslav National Army. The grave events in Serbia and Montenegro constitute an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States. The measures that I have taken today express our outrage at the actions of the Serbian and Montenegrin Governments and will prevent those governments from drawing on monies and properties within U.S. control.

Sincerely,

George Bush