The memo to Yellen, who is also a former Chair of the Federal Reserve, states:
SUBJECT: Delegation of Certain Functions and Authorities Under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act
By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, I hereby order as follows:
Section 1. (a) I hereby delegate to the Secretary of the Treasury the functions and authorities vested in the President by sections 104(a)(1) and 104(a)(2)(A) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (Division F of Public Law 118-50) (the “Act”).
(b) I hereby delegate to the Secretary of State, in consultation with the Secretary of the Treasury, the functions and authorities vested in the President by sections 104(g), 104(i), 105(c), 105(e), and 105(g) of the Act.
Sec. 2. The delegations in this memorandum shall apply to any provisions of any future public laws that are the same or substantially the same as those provisions referenced in this memorandum.
Sec. 3. The Secretary of the Treasury is authorized and directed to publish this memorandum in the Federal Register.
On the same day the Treasury Department gave new information on how to enforce it.
Acting General Counsel of the Treasury Addar Levi said in a statement:
Congress took an important step with the passage of the REPO for Ukrainians Act to unlock the value of immobilized Russian sovereign assets to support Ukraine’s continued resilience and reconstruction. The United States will continue to work with our foreign partners, including the G7, to deliver support to Ukraine.
Treasurer Yellen garnered controversy in June when she tried to justify the seizure of roughly $300 billion of Russian assets to Americans – some of which will be sent to fund the war effort in Ukraine – claimed:
There is no sense at all in which it’s theft. The Russian assets remain in this institution, they’ve been impounded. The Investments that Russia have matured so Russia’s funds are sitting in cash, but they’re generating income for the institution which Russia has no claim on, so there’s no legal issue here.
Such a remark, however, establishes a shaky precedent as it essentially implicates that interest accrued at a bank is not really the customer’s but the bank’s money.
However, just a few weeks ago, Yellen admitted during a Congressional hearing that the sanctions levied on Russia and seizing of its assets are a big component driving international de-dollarization.
In the realm of sanctions, we have very powerful sanctions that are available because of the important role of the dollar in international transactions. The ability to cut off foreign banks or other businesses or individuals from the ability to transact through the U.S. financial system…
The more we have used sanctions, the more countries look for ways to engage in financial transactions that don’t involve the dollar.
Yellen said
AUTHOR COMMENTARY
Proverbs 17:7 Excellent speech becometh not a fool: much less do lying lips a prince.
We know that Biden was just a corpse when he entered office, and I am convinced that “he” is just a string of body-doubles and really intricate media manipulation, but these subtle actions that get no press time reveal that the establishment is furthering their consolidation of the system by giving more into the hands of these criminal banksters and big business.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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