The following are excerpts from the Senate Report, 93rd Congress, November 19, 1973, Special Committee On The Termination Of The National Emergency United States Senate.
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 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.
In Title 12, in section 95b you’ll find the following codification of the emergency war powers: The actions, regulations, rules, licenses, orders and proclamations heretofore or hereafter taken, promulgated, made, or issued by the President of the United States or the Secretary of the Treasury since March 4, 1933, pursuant to the authority conferred by subsection (b) of section 5 of the Act of October 6, 1917, as amended (12 USCS, 95a), are hereby approved and confirmed. (March 9, 1933, c. 1, Title 1, 1, 48 Stat. 1)