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March 20, 2003: President Bush Signs Executive Order Transferring Frozen Iraqi Funds to Federal Reserve Bank

2003-03-20

President George Bush issues an executive order transferring frozen Iraqi assets held in US banks to a US Treasury Special Purpose Account (TSPA) that has been established at the Federal Reserve Bank of New York. The secretary of the treasury, currently John W. Snow, is given authority over the funds. [US President, 3/20/2003 pdf file]