; or (2) is otherwise affiliated with the Government of the People's Republic of China or the Chinese Communist Party. (b) Blocking of property (1) In general The President shall exercise all of the powers granted to the President under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) to the extent necessary to block and prohibit all transactions in property and interests in property of an entity in an industry subject to subsection (a) if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (2) Inapplicability of national emergency requirement The requirements of section 202 of the International Emergency Economic Powers Act ( 50 U.S.C. 1701 ) shall not apply for purposes of this section. 10. Prohibition on transfers of funds involving the People's Republic of China (a) In general Except as provided by subsection (b), not later than 3 days after a covered determination is made, a depository institution (as defined in section 19(b)(1)(A) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1)(A) )) or a broker or dealer in securities registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) may not process transfers of funds— (1) to or from the People's Republic of China; or (2) for the direct or indirect benefit of officials of the Government of the People's Republic of China or members of the Chinese Communist Party. (b) Exception A depository institution, broker, or dealer described in subsection (a) may process a transfer described in that subsection if the transfer— (1) arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that is authorized by a specific or general license