; and (ii) the Committee on Homeland Security and Governmental Affairs, the Committee on Foreign Relations, and the Committee on Banking, Housing, and Urban Affairs of the Senate; and (B) the term covered national emergency means a national emergency that— (i) the President has declared, within the preceding 5-year period, with respect to any national emergency regarding international drug trafficking; and (ii) has not terminated. . (2) Consultation and reports Section 204 of the International Emergency Economic Powers Act ( 50 U.S.C. 1703 ) is amended— (A) by striking the Congress each place it appears and inserting the appropriate congressional committees ; and (B) by adding at the end the following: (e) Appropriate congressional committees defined In this section, the term appropriate congressional committees has the meaning given that term in section 203(d)(2). . (3) Authority to issue regulations Section 205 of the International Emergency Economic Powers Act ( 50 U.S.C. 1704 ) is amended— (A) by striking The President and inserting (a) The President ; and (B) by adding at the end the following: (b) In issuing regulations under subsection (a) pursuant to a covered national emergency (as defined in section 203), the President shall— (1) consider the costs and benefits of available statutory and regulatory alternatives; (2) evaluate the costs and benefits for the purpose of expeditiously resolving the applicable national emergency; (3) establish criteria for the eventual termination of the applicable national emergency; and (4) include in the basis and purpose incorporated in the regulations— (A) an explanation of how the regulations will resolve the applicable national emergency