Secured Payment Act of 1993

[AI summary unavailable — showing source text] Secured Payment Act of 1993 - Amends the International Emergency Economic Powers Act to prohibit the President from regulating or prohibiting, in the exercise of emergency economic powers, payments under irrevocable letters of credit issued by a U.S. or foreign bank of amounts owed to or for the benefit of a U.S. national that is the beneficiary of such a letter of credit and that performed its obligations under an underlying contract before the declaration of a national emergency. Makes such prohibition inapplicable to U.S. nationals found to have violated the Export Administration Act of 1979 or the Arms Export Control Act.…