Political Quotes

“Libya December 30, 1992 Dear Mr. Speaker: (Dear Mr. President:) I hereby report to the Congress on the developments since my last report of July 7, 1992, concerning the national emergency with respect to Libya that was declared in Executive Order No. 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. Since my last report on July 7, 1992, the Libyan Sanctions Regulations (the ``Regulations''), 31 C.F.R. Part 550, administered by the Office of Foreign Assets Control (``FAC'') of the Department of the Treasury have been amended twice. The first amendment, published on September 11, 1992, 57 Fed. Reg. 41696, revoked (1) the authority in section 550.511 for transfers between blocked accounts in different domestic banking institutions and (2) section 550.515, which authorized receipt of payments from unblocked sources for obligations of the Government of Libya to persons in the United States. These classes of transactions are now prohibited unless specifically licensed by FAC. In addition, the amendment required banking institutions to pay interest on blocked funds and authorized debits to blocked accounts by U.S. banking institutions for normal service charges.…”