Amendments to the International Emergency Economic Powers Act and the Trading with the Enemy Act

(a) Periodic evaluation Section 203 of the International Emergency Economic Powers Act (50 U.S.C. 1702) is amended by adding at the end the following: (d) Periodic evaluation (1) In general If the authority granted to the President under this section is exercised with respect to a covered national emergency, the President shall transmit to the appropriate congressional committees, not less frequently than annually, a periodic evaluation in writing that— (A) assesses the effectiveness of the exercise of such authority in resolving the covered national emergency; (B) considers the views of public- and private-sector stakeholders; and (C) discusses any potential changes to the exercise of the authority for the purpose of more effectively resolving the covered national emergency. (2) Definitions In this subsection— (A) the term appropriate congressional committees means— (i) the Committee on Foreign Affairs, the Committee on Financial Services, and the Committee on Oversight and Accountability Government Reform of the House of Representatives; and (ii) the Committee on Homeland Security and Governmental Affairs, the Committee on Foreign Relations, and the Committee on Banking, Housing, and Urban Affairs of the Senate; and (B) the term covered national emergency means a national emergency that— (i) the President has declared, within the preceding 5-year period, with respect to any national emergency regarding international drug trafficking; and (ii) has not terminated.. (b) Consultation and reports Section 204 of the International Emergency Economic Powers Act (50 U.S.C. 1703) is amended— (1) by striking the Congress each place it appears and inserting the appropriate congressional committees; and (2) by adding at the end the following: (e) Appropriate congressional committees defined In this section, the term appropriate congressional committees has the meaning given that term in section 203(d)(2).. (3) Authority to issue regulations Section 205 of the International Emergency Economic Powers Act (50 U.S.C. 1704) is amended— (A) by striking The President and inserting (a) The President; and (B) by adding at the end the following: (b) In issuing regulations under subsection (a) pursuant to a covered national emergency (as defined in section 203), the President shall— (1) consider the costs and benefits of available statutory and regulatory alternatives; (2) evaluate the costs and benefits for the purpose of expeditiously resolving the applicable national emergency; (3) establish criteria for the eventual termination of the applicable national emergency; and (4) include in the basis and purpose incorporated in the regulations— (A) an explanation of how the regulations will resolve the applicable national emergency; and (B) a discussion of the costs and benefits..