Protecting Certain Property of Da Afghanistan Bank for the Benefit of the People of Afghanistan
The order declares a national emergency over Afghanistan's humanitarian and economic crisis, then immediately blocks all property of Da Afghanistan Bank — Afghanistan's central bank — held in U.S. financial institutions and directs its consolidation into a single Federal Reserve Bank of New York account.
It invokes IEEPA to freeze roughly $7 billion in Afghan central bank reserves before competing legal claims from terrorism victims and others could transfer or seize those funds, preserving them for potential future use for the Afghan people.
What this order does
What it orders
The order declares a national emergency arising from Afghanistan's humanitarian crisis and economic collapse. It then blocks all property and interests of Da Afghanistan Bank (DAB) — Afghanistan's central bank — held at any U.S. financial institution as of the signing date, prohibiting any transfer, payment, export, or withdrawal. It directs all covered U.S. financial institutions to promptly consolidate the blocked funds into a single account held at the Federal Reserve Bank of New York. The Secretary of the Treasury, in consultation with the Secretary of State and Attorney General, is authorized to promulgate rules and regulations and deploy all IEEPA powers to carry out the order. The Secretary of Treasury is also authorized to submit recurring and final reports to Congress on the emergency.
The order explicitly supersedes any prior executive order that blocks or otherwise affects the same DAB property, and prohibits evasion or conspiracy to evade its requirements. It carves out transactions for official U.S. government business and preserves standard agency authorities, but creates no enforceable legal rights for any private party against the United States.
Who it affects
U.S. financial institutions — including the Federal Reserve Bank of New York — that hold DAB assets, which must freeze and consolidate those funds. Parties asserting legal claims against DAB property, including terrorism victims, are directly affected as the blocking order preempts their ability to collect.
Why it matters
Billions of dollars in Afghan central bank reserves held in the United States are immediately frozen and moved into a single government-controlled account, preventing any party — including terrorism judgment creditors — from seizing those funds while the U.S. government determines how they should ultimately be used.
What must happen and when
How the order is supposed to work
The blocking takes effect the moment the order is signed, with no prior notice required. U.S. financial institutions must promptly move covered DAB assets to a consolidated Federal Reserve Bank of New York account. Treasury then leads implementation, issuing rules and regulations using IEEPA's broad powers, with State and Justice as consultants. Treasury may redelegate within the department. All executive agencies must take appropriate measures to implement. Treasury must submit recurring reports to Congress, consistent with IEEPA and NEA reporting requirements.
Actions and deadlines
- Transfer all blocked DAB property into a consolidated account at the Federal Reserve Bank of New York
- Submit recurring and final reports to Congress on the declared national emergency