A bill to repeal section 5 (b) of the Trading With the Enemy Act of 1917.

Repeals the power of the President, under the Trading With the Enemy Act of 1917, to investigate, regulate or prohibit, during war or a national emergency, (1) any transaction in the foreign exchange of gold, silver, currency, or securities, and (2) any property transaction in which any foreign country or national has an interest. Repeals the criminal penalties for violation of regulations issued pursuant to such power.