In time of war, or of national emergency declared by Congress or
the President after November 30, 1980, the President may suspend
the operation of any provision of section 523, 525, or 526 of this
title. So long as such war or national emergency continues, any
such suspension may be extended by the President. Any such
suspension shall, if not sooner ended, end on the last day of the
two-year period beginning on the date on which the suspension (or
the last extension thereof) takes effect or on the last day of the
one-year period beginning on the date of the termination of the war
or national emergency, whichever occurs first. With respect to the
end of any such suspension, the preceding sentence supersedes the
provisions of title II of the National Emergencies Act (50 U.S.C.
1621-1622) which provide that powers or authorities exercised by
reason of a national emergency shall cease to be exercised after
the date of the termination of the emergency.