THE PRESIDENT of the United States can regulate financial transactions with foreign countries during a time of security crisis, and create criminal penalties for violating those regulations, a federal appeals court ruled yesterday.
The ruling from a unanimous panel of the U.S. Court of Appeals for the 2nd Circuit held that President George H.W. Bush had not abused his power under the International Emergency Economic Powers Act IEEPA when he prohibited trade, transportation and financial transactions with Iraq in 1990, after Iraq invaded Kuwait.
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