"Since March 9, 1933, the United States has been in a state of declared national emergency....Under the powers delegated by these statutes, the President may: seize property; organize and control the means of production; seize commodities; assign military forces abroad; institute martial law; seize and control all transportation and communication; regulate the operation of private enterprise; restrict travel; and, in a plethora of particular ways, control the lives of all American citizens."
"A majority of the people of the United States have lived all of their lives under emergency rule. For 40 (now 63) years, freedoms and governmental procedures guaranteed by the Constitution have, in varying degrees, been abridged by laws brought into force by states of national emergency....from, at least, the Civil War in important ways shaped the present phenomenon of a permanent state of national emergency." -
Senate Report, 93rd Congress, November 19, 1973clearing the proposal for President Gerald Ford’s signature on
September 14.57
As enacted, the National Emergencies Act consisted of five titles. The first of
these generally returned all standby statutory delegations of emergency power,
activated by an outstanding declaration of national emergency, to a dormant state two
years after the statute’s approval. However, the act did not cancel the 1933, 1950,
1970, and 1971 national emergency proclamations because these were issued by the
President pursuant to his Article II constitutional authority. Nevertheless, it did
render them ineffective by returning to dormancy the statutory authorities they had
activated, thereby necessitating a new declaration to activate standby statutory
emergency authorities.
http://www.fpc.state.gov/documents/organization/6216.pdf