On October 16, 2007, President Bush signed into law an amendment to the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-1706 (IEEPA), that increases the civil penalties authorized by Section 206 of IEEPA by five times more than those enacted just over a year ago. Criminal penalties have been increased as well. Many of the economic sanctions regulations implemented by the Department of the Treasury’s Office of Foreign Assets Control (OFAC), as well as the Export Administration Regulations (EAR) administered by the Bureau of Industry and Security (BIS) at the Department of Commerce, rely on IEEPA for their underlying statutory authority. Violations of these regulations are subject to the increased penalties.