Case: 25-1812 Document: 159
Page: 69
Filed: 08/29/2025
V.O.S. SELECTIONS, INC. v. TRUMP
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related actions in two categories—one focused on money or its financial substitutes (subsection A) and the other on property (subsection B). War Powers Act of 1941, § 301, 55 Stat. at 839-40 (amending section 5(b) of TWEA). Under TWEA, the President may
(A) investigate, regulate, or prohibit, any transac- tions in foreign exchange, transfers of credit or pay- ments between, by, through, or to any banking institution, and the importing, exporting, hoard- ing, melting, or earmarking of gold or silver coin or bullion, currency or securities, and
(B) investigate, regulate, direct and compel, nul- lify, void, prevent or prohibit, any acquisition hold- ing, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privi- lege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest ….
TWEA § 5(b) [50 U.S.C.§ 4305(b)(1)]. That language has been part of TWEA ever since. See Regan v. Wald, 468 U.S. at 226 n.2, 227 n.7; 50 U.S.C.App. § 5(b) (1976 ed.); 50 U.S.C. § 4305(b)(1) (current version).
In 1976, Congress enacted the NEA. §§ 101, 201–202, 301, 401, 501-02, 90 Stat. at 1255-59, now codified as amended at 50 U.S.C. §§ 1601, 1621–22, 1631, 1641, 1651. The NEA, where applicable, generally terminated preexist- ing declarations of emergency, NEA § 101, 50 U.S.C. § 1601, and established new constraints on new declara- tions, NEA §§ 201–202, 301, 401, 50 U.S.C. §§ 1621–22, 1631, 1641. One provision governing national emergencies declared under the NEA requires automatic termination of the declared emergency after one year unless renewed by the President. NEA § 202(d), 50 U.S.C. § 1622(d). Another provision, as enacted, allowed both for presidential termi- nation by proclamation and for congressional termination
Source: Elections - nytimes.com
