From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 16, 1996]
[Document not affected by Public Laws enacted between
  January 16, 1996 and August 28, 1996]
[CITE: 50USC1703]

 
                   TITLE 50--WAR AND NATIONAL DEFENSE
 
           CHAPTER 35--INTERNATIONAL EMERGENCY ECONOMIC POWERS
 
Sec. 1703. Consultation and reports


(a) Consultation with Congress

    The President, in every possible instance, shall consult with the 
Congress before exercising any of the authorities granted by this 
chapter and shall consult regularly with the Congress so long as such 
authorities are exercised.

(b) Report to Congress upon exercise of Presidential authorities

    Whenever the President exercises any of the authorities granted by 
this chapter, he shall immediately transmit to the Congress a report 
specifying--
        (1) the circumstances which necessitate such exercise of 
    authority;
        (2) why the President believes those circumstances constitute an 
    unusual and extraordinary threat, which has its source in whole or 
    substantial part outside the United States, to the national 
    security, foreign policy, or economy of the United States;
        (3) the authorities to be exercised and the actions to be taken 
    in the exercise of those authorities to deal with those 
    circumstances;
        (4) why the President believes such actions are necessary to 
    deal with those circumstances; and
        (5) any foreign countries with respect to which such actions are 
    to be taken and why such actions are to be taken with respect to 
    those countries.

(c) Periodic follow-up reports

    At least once during each succeeding six-month period after 
transmitting a report pursuant to subsection (b) of this section with 
respect to an exercise of authorities under this chapter, the President 
shall report to the Congress with respect to the actions taken, since 
the last such report, in the exercise of such authorities, and with 
respect to any changes which have occurred concerning any information 
previously furnished pursuant to paragraphs (1) through (5) of 
subsection (b) of this section.

(d) Supplemental requirements

    The requirements of this section are supplemental to those contained 
in title IV of the National Emergencies Act [50 U.S.C. 1641].

(Pub. L. 95-223, title II, Sec. 204, Dec. 28, 1977, 91 Stat. 1627.)

                       References in Text

    The National Emergencies Act, referred to in subsec. (d), is Pub. L. 
94-412, Sept. 14, 1976, 90 Stat. 1255, as amended. Title IV of the 
National Emergencies Act enacted subchapter IV (Sec. 1641) of chapter 34 
of this title. For complete classification of this Act to the Code, see 
Short Title note set out under section 1601 of this title and Tables.