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EO 14064Executive OrderBiden · D Quiet signal

Executive Order 14064

Protecting Certain Property of Da Afghanistan Bank for the Benefit of the People of Afghanistan

This executive order blocks approximately $7 billion in Afghan central bank assets held in U.S. financial institutions, consolidating them at the Federal Reserve Bank of New York. It declares a national emergency due to Afghanistan's humanitarian crisis and economic collapse, while protecting these funds from litigation by terrorism victims and others.

Federal Register Open PDF 87 FR 8391

Impact dates

  1. U.S. financial institutions to promptly transfer blocked DAB property to consolidated account at Federal Reserve Bank of New York

  2. Secretary of Treasury to take actions including promulgation of rules and regulations to carry out order

Key directives

  • Block all DAB property held in U.S. financial institutions as of February 11, 2022
  • U.S. financial institutions shall promptly transfer blocked property to consolidated account at Federal Reserve Bank of New York
  • Secretary of Treasury to promulgate rules and regulations to carry out order
  • Secretary of Treasury to submit recurring and final reports to Congress on national emergency

Who is ordered

Timeline

Immediate

  • Blocking of all DAB property in U.S. financial institutions takes effect
  • Funds must be promptly transferred to consolidated account at Federal Reserve Bank of New York

Near term (90d)

  • Secretary of Treasury to promulgate implementing rules and regulations
  • Treasury to consult with State and Justice on implementation

Long term

  • Potential future disposition of blocked assets for Afghan humanitarian benefit
  • Recurring congressional reports on national emergency

Risks & tensions

  • No prior notice to affected parties permitted under order, raising due process concerns
  • Tension between blocking assets for Afghan people versus potential terrorism victim compensation claims
  • Vague 'promptly' standard for fund transfers lacks specific deadline
  • Long-term disposition of $7 billion remains unresolved—order only blocks and consolidates
  • Reliance on future regulations and licenses creates implementation uncertainty
Executive Order 14064: Protecting Certain Property of Da Afghanistan Bank for the Benefit of the People of Afghanistan · Executive Orders