White House Press Release

226 IMMEDIATE RELEASE May 16, 1946 The President today signed an Executive order entitled "Designating the Alien Property Custodian to administer the powers and authority con- ferred upon the President by sections 20 and 32 of the Trading With The Enemy Act, as amended. 11 By this order, the President designated the Alien Property Custodian to exercise the powers granted by sections 20 and 32 of the Trading With The Enemy Act, as amended by Public Law 322 (act of March 8, 1946, 79th Cong.), which give the President or his designee discretion to make returns of property vested pursuant to the Trading With The Enemy Act from certain classes of persons not hostile to the United States on the condition, among others, "that such return is in the interest of the United States." In a letter informing the Alien Property Custodian of his designation to administer the provisions of the act of March 8, 1946, the President stated: "It is my desire that in the administration of the return provisions of Public Law 322, you consult with other interested agencies of the Government, including the War and Navy Depart- ments, the Department of State, the Treasury Department, and the Department of Justice. Through such consultation you will be ad- vised of the public interest in such matters as national security, foreign relations, financial and fiscal policy, and commercial and antitrust policy, as they relate to the return of vested property. In a case where there has been a substantial increase in value in any vested property (including net proceeds, if any) while in your hands it is my desire that you limit return to so much of the property as does not exceed in value just-com- pensation estimated with reference to the date of vesting, un- less the Department of State notifies you that return of the entire property (including net proceeds, if any) would, by furthering good foreign relations of the United States, be in the national interest, or unless the claimant is a citizen of the United States or a corporation or other organization established under the laws of the United States or any State, Territory, or possession thereof, or the District of Columbia.'