This report is submitted pursuant to Section 204 of the International Emergency Economic Powers Act (50 U.S.C. 1703) and Section 401(c) of the National Emergencies Act (50 U.S.C. 1641(c)) to account for government expenditures attributable to the national economic emergency that I declared following the lapse of the Export Administration Act of 1979, as amended (50 U.S.C. App. 2401 et seq.) (EAA), on March 30, 1984. On that date, I issued Executive Order No. 12470 to continue in effect the system of controls that had been established under the EAA. In view of the extension by Public Law 99 - 64 (July 12, 1985) of the authorities contained in the EAA, this emergency authority is no longer needed. Accordingly, I have today issued Executive Order No. 12525, a copy of which is attached, rescinding the declaration of an economic emergency and revoking Executive Order No. 12470.

The export controls were not significantly expanded during the emergency period, and the administration of the system of controls continued in the normal course. Accordingly, the government spent no funds over and above what would have been spent had the EAA remained in force without interruption.

Ronald Reagan

The White House,

July 12, 1985.