The International Emergency Economic Powers Act (IEEPA), Title II of Pub.L. 95–223, 91 Stat. 1626, enacted October 28, 1977, is a United States federal law authorizing the President to regulate commerce after declaring a national emergency in response to any unusual and extraordinary threat to the United States which has a foreign source.
The H.R. 7738 legislation was passed by the United States 95th Congressional session and signed by the US President Jimmy Carter on December 28, 1977.
This summary is from Wikipedia.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
6/23/1977--Reported to House amended.
(Reported to House from the Committee on International Relations with amendment, H. Rept. 95-459) =Title I: Amendments to the Trading With the Enemy Act= - Amends the Trading With the Enemy Act of 1917 to repeal the authority of the President to regulate economic transactions with foreign countries or nationals except in time of war. Permits non-war emergency regulations in effect as of July 1, 1977, to continue for two years after the enactment of the National Emergency Act, unless the President determines that continuation of such regulations is in the national interest. Amends the National Emergencies Act to repeal the exemption of transactions in gold and silver from application of such Act. Amends the Trading With the Enemy Act of 1917 to repeal the authority of the President to take discretionary measures for the enforcement of wartime authority under such Act. Increases the penalties for violations of the Trading With the Enemy Act. =Title II: International Emergency Economic Powers= - International Emergency Economic Powers Act - Authorizes the President to regulate foreign economic transactions when the President declares a national emergency to deal with any unusual and extraordinary threat to the United States which has a foreign source. Directs the President to consult with and report to Congress when exercising such authority. Sets forth penalties for violation of regulations issued under this Act. =Title III: Amendments to the Export Administration Act of 1969= - Amends the Export Administration Act of 1969 to permit the President to prohibit or curtail (1) exportation (to effectuate the policies of such Act) subject to the jurisdiction of the United States, or (2) exports by persons subject to such jurisdiction.