FROM THE OFFICE OF PUBLIC AFFAIRS

Good Afternoon.  I am pleased to announce that Treasury’s Office of Foreign Assets Control has issued a general license lifting most U.S. economic sanctions against Iraq.  Today’s action represents President Bush’s commitment to return the Iraqi people to the family of trading nations as soon as possible and marks a new beginning for liberated Iraq.  Saddam Hussein’s regime and the command economy he forced on the Iraqi people is now merely a painful memory.  As other nations follow the lead of the United States and implement the resolution passed by the United Nations Security Council last Thursday, the Iraqi people can look forward to an end to the crippling economic deprivation they suffered under Saddam Hussein.

For the first time in over two decades, Iraq will trade freely.  Trade and the opportunities and resources that come with it will unleash the forces of the free market, bringing a better life for the people of Iraq.  Oil can now be exported to finance reconstruction and humanitarian needs.  Vital goods and services can be imported and the entrepreneurial spirit, inherent in people everywhere, can flourish once again in Iraq.  For example, Iraqi entrepreneurs, innovators and dreamers, no longer stifled by a Stalin-esque command economy, can now access capitol abroad to make their vision a reality. 

Today’s action follows general licenses issued by the Office of Foreign Asset Control May 7 permitting activities related to humanitarian relief and reconstruction efforts in Iraq.  The license announced today allows all transactions with the exception of trade in arms, stolen cultural artifacts and trade with Baath party officials and certain other Iraqi officials and agents.

Today is an important day for the Iraqi people.  It is no longer a crime for U.S. companies and individuals to do business with Iraq.  The United States has taken steps to rapidly implement the lifting of UN sanctions.  Now it is imperative that other nations take similar steps to restart the free flow of commerce with a liberated Iraq.  The sooner the world moves forward to reestablish trade with Iraq, the sooner the Iraqi people can begin to repair a broken financial system and lay the foundations for future prosperity.

With that, I turn it over to Treasury’s General Counsel David Aufhauser who will be happy to take your questions.