Delegation of Certain Functions and Authorities Under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act

This memorandum delegates specific presidential authorities under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act to the Secretary of the Treasury and Secretary of State. The Treasury Secretary receives authority over sovereign debt restructuring and related economic measures, while the State Secretary receives authority over diplomatic and policy provisions, in consultation with Treasury.

Federal Register Open PDF 89 FR 60287

Impact dates

Jul 22, 2024
Publish memorandum in Federal Register

Key directives

Delegate to Secretary of Treasury functions under sections 104(a)(1) and 104(a)(2)(A) of the Act
Delegate to Secretary of State functions under sections 104(g), 104(i), 105(c), 105(e), and 105(g) of the Act, in consultation with Secretary of Treasury
Apply delegations to future substantially similar public law provisions
Secretary of Treasury to publish memorandum in Federal Register

Who is ordered

Timeline

Immediate

Delegation of authorities takes effect upon signing
Secretary of Treasury directed to publish in Federal Register

Near term (90d)

Implementation of delegated authorities under sections 104 and 105 of the Act

Long term

Ongoing application to future public laws with substantially similar provisions
Potential sovereign debt restructuring operations for Ukraine

Risks & tensions

Consultation requirement between State and Treasury may create coordination friction
Sovereign debt restructuring authority carries significant financial and geopolitical risk
Vague 'substantially the same' standard in Section 2 creates interpretive uncertainty for future laws