Trading with the Enemy Act
Trading with the Enemy Act is a US law passed on October 6, 1917 at the time of President Woodrow Wilson that prohibits US citizens from doing business with companies owned by foreign nationals who belong to the United States belongs to political enemies of the United States .
During World War II , the Trading with the Enemy Act prohibited trading with citizens of the Axis powers . In 1942, for example, shares in the Union Banking Corporation that Prescott Bush , the grandfather of former US President George W. Bush , held in the Union Banking Corporation were expropriated and compensated for because the bank had violated the Trading with the Enemy Act .
- The US Confiscated Half a Billion Dollars in Private Property During WWI
- US to ease North Korea sanctions. In: BBC . June 26, 2008, accessed April 10, 2009 .