Bill Clinton: “Respect to Libya July 6, 1998 Dear Mr. Speaker: (Dear Mr. President:) I hereby report to the Congress on the…”

“Respect to Libya July 6, 1998 Dear Mr. Speaker: (Dear Mr. President:) I hereby report to the Congress on the developments since my last report of January 13, 1998, concerning the national emergency with respect to Libya that was declared in Executive Order 12543 of January 7, 1986. This report is submitted pursuant to section 401(c) of the National Emergencies Act, 50 U.S.C. 1641(c); section 204(c) of the International Emergency Economic Powers Act (IEEPA), 50 U.S.C. 1703(c); and section 505(c) of the International Security and Development Cooperation Act of 1985, 22 U.S.C. 2349aa-9(c). 1. On January 2, 1998, I renewed for another year the national emergency with respect to Libya pursuant to IEEPA. This renewal extended the current comprehensive financial and trade embargo against Libya in effect since 1986. Under these sanctions, virtually all trade with Libya is prohibited, and all assets owned or controlled by the Libyan government in the United States or in the possession or control of U.S. persons are blocked. 2. There have been no amendments to the Libyan Sanctions Regulations, 31 C.F.R. Part 550 (the ``Regulations''), administered by the Office of Foreign Assets Control (OFAC) of the Department of the Treasury, since my last report of January 13, 1998. 3. During the reporting period, OFAC reviewed numerous applications for licenses to authorize transactions under the Regulations.…”