Waiver

With respect to a foreign financial institution, the President may waive the requirements of section 3(a) for not more than 180 days at a time upon reporting to Congress that— (1) the waiver advances the objective of resolving the national emergency described in any Executive Order listed under section 3(a)(1); or (2) the waiver is important to the national interest of the United States, provided that the President includes a detailed explanation of the reasons therefor.