International Emergency Economic Powers Act

The International Emergency Economic Powers Act (IEEPA) is a US federal law enacted in 1977 that authorizes the president to regulate international commerce in response to an unusual and extraordinary threat to the US national security, foreign policy, or economy originating from outside the US. The law was passed to clarify and restrict presidential power during national emergencies, which had been previously granted under the Trading with the Enemy Act of 1917. Under IEEPA, the president can block transactions and freeze assets to deal with the threat, but must declare an emergency and have it renewed annually to remain in effect.learn more on wikipedia