Presidential decrees and emergency powers

[pgut001@cs.auckland.ac.nz (Peter Gutmann)]

The letter/executive order from Bill Clinton which transfers control of
encryption and related items to the EAR contains a mention of:
 
  ... the national emergency described and declared in Executive Order 12924 of
  August 19, 1994, and continued on August 15, 1995, and August 14, 1996,
  necessitated by the expiration of the Export Administration Act (EAA) on
  August 20, 1994, I hereby report to the Congress that pursuant to section
  204(b) of the International Emergency Economic Powers Act, 50 U.S.C. 1703(b)
  (the "Act"), I have today exercised the authority granted by the Act to issue
  an Executive order (a copy of which is attached)...
 
Does anyone know what national emergency this refers to, and what the section
of the emergency economic powers act covers?  I seem to remember a post by
someone who had traced it back through endless levels of indirection to a
police action in Korea or something, but haven't been able to find any more
information.
 
Peter.