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The Trading with the Enemy Act (TWEA) of 1917 (40 Stat. 411, codified at 12 U.S.C. § 95 and 50 U.S.C. § 4301 et seq.) is a United States federal law, enacted on October 6, 1917, in response to the United States declaration of war on Germany on April 6, 1917.
Trading with the Enemy Act is a stock short title used for legislation in the United Kingdom and the United States relating to trading with the enemy.. Trading with the Enemy Acts is also a generic name for a class of legislation generally passed during or approaching a war that prohibit not just mercantile activities with foreign nationals, but also acts that might assist the enemy. [1]
Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000 (equivalent to $235,000 in 2023), [6] up to ten years in prison, or both.
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On 11 March 1942, President Franklin D. Roosevelt issued Executive Order 9095 establishing the Office of the Alien Property Custodian [19] within the Office for Emergency Management under authority of the Trading with the Enemy Act of 1917 and the First War Powers Act of December 18, 1941.
Under the 1914 Act, ownership of enemy assets (unless the property was insignificant) had been put in trust and held by the Public Trustee; business activities were monitored by the Board of Trade. The 1916 amendment required trustees to liquidate those holdings and hold the sale proceeds in trust for the enemy until the end of hostilities. [2]
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In 1950, the Department of Treasury established the Office of Foreign Assets Control in order to administer and enforce economic sanctions consistent with the Trading with the Enemy Act. [3] The Office of Foreign Assets Control (OFAC) has the authority to regulate and amend the CACR to be consistent with the policies and goals of the executive ...