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Another Obama Executive Order Allows Seizure of Americans’ Bank Accounts

Published: October 13, 2012
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Barack Obama signs Executive Order

The latest executive order(EO) emanating from the White House October 9 now claims the power to freeze all bank accounts and stop any related financial transactions that a “sanctioned person” may own or try to perform — all in the name of “Iran Sanctions.”

Titled an “Executive Order from the President regarding Authorizing the Implementation of Certain Sanctions…” the order says that if an individual is declared by the president, the secretary of state, or the secretary of the treasury to be a “sanctioned person,” he (or she) will be unable to obtain access to his accounts, will be unable to process any loans (or make them), or move them to any other financial institution inside or outside the United States. In other words, his financial resources will have successfully been completely frozen. The EO expands its authority by making him unable to use any third party such as “a partnership, association, trust, joint venture, corporation, subgroup or other organization” that might wish to help him or allow him to obtain access to his funds.

And if the individual so “sanctioned” decides that the ruling is unfair, he isn't allowed to sue. In two words, the individual has successfully been robbed blind.

But it’s all very legal. The EO says the president has his “vested authority” to issue it, and then references endless previous EOs, including one dating back to 1995 which declared a “state of emergency” (which hasn’t been lifted): Executive Order 12957.

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