; and (B) be subject to the requirements of subsection (b) of such section (relating to reporting requirements and congressional oversight). (e) Regulatory authority The Secretary of State shall prescribe such regulations as are necessary to carry out this section. 5. Financial measures (a) Freezing of assets (1) In general The President, acting through the Secretary of the Treasury, shall exercise all powers granted by the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) (except that the requirements of section 202 of such Act ( 50 U.S.C. 1701 ) shall not apply) to the extent necessary to freeze and prohibit all transactions in all property and interests in property of a foreign person that is on the list required under section 3(a) of this Act if such property or interests in property are in the United States, are or come within the United States, or are or come within the possession or control of a United States person. (2) Applicability to foreign entities and foreign governments Paragraph (1) shall apply to aliens who are officials of, agents or instrumentalities of, working or acting on behalf of, or otherwise associated with a foreign entity or foreign government that is a foreign person included on the list required under section 3(a) if such aliens are determined by the President, acting through the Secretary of the Treasury, to have knowingly authorized, conspired to commit, been responsible for, engaged in, or otherwise assisted or facilitated the actions described in such section 3(a). (b) Waiver for national security interests (1) In general The Secretary of the Treasury may waive the application of subsection (a) if the Secretary determines that such a waiver is in the vital national security interests of the United States and prior to granting such a waiver, the Secretary provides to the appropriate congressional committees notice of, and a justification for, such waiver, in accordance with paragraph (2). (2) Compliance A waiver under this subsection shall— (A) be treated as an