"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."
from the Senate Report 93-549, 93rd Congress, November 19, 1973, Special Committee On The Termination Of The National Emergency United States Senate. The purpose of the committee was to discuss and address the 40 year long state of emergency that had been in effect in the United States since the Emergency Act of 1933, the Trading with the Enemy Act October 6, 1917 as amended in March 9, 1933. During the continued state of emergency, Congress voted to transfer powers from Congress to the President. The debate to end long-running states of National Emergency was ended in 1976 with the National Emergencies Act (50 U.S.C. 1601-1651), which limits any such declared emergencies to two years.
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