To authorize the President to vest certain property of the Government of Libya seized or blocked by the United States and to authorize the use of that property to defray the full costs of Operation Odyssey Dawn and United States participation in NATO Operation Unified Protector, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Libyan Assets Taxpayer Reimbursement 
Act of 2011''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The United States Government has frozen, through 
        Executive Order 13566 of February 25, 2011, over $30 billion in 
        assets in the United States owned by the late Muammar Qaddafi, 
        his family, and his regime.
            (2) The United States military conducted actions, through 
        Operation Odyssey Dawn and NATO Operation Unified Protector, 
        over the territory and off the coast of Libya designed to 
        protect the Libyan people from the violence and cruelty of the 
        Qaddafi regime.
            (3) United States military operations in Libya exposed 
        members of the United States Armed Forces to the risk of death.
            (4) The Libyan uprising against the late dictator Qaddafi 
        succeeded with the help of United States forces.
            (5) Libya is an oil rich country that will be able to 
        finance its economic development and reconstruction.
            (6) Libya has Africa's largest oil reserves and a 
        population of approximately 6.5 million people.
            (7) In 2010, Libya had one of the highest per capita oil 
        export revenues in the world.
            (8) The Department of Defense estimates the cost of United 
        States military and humanitarian efforts for the Libyan people 
        at under $3 billion.
            (9) Funds collected by the United States from Libya 
        pursuant to the United States-Libya Claims Settlement Agreement 
        are insufficient to provide complete relief for all of the 
        victims of Libyan state-sponsored terrorism whose claims are 
        currently being adjudicated, or have been awarded, by the 
        Foreign Claims Settlement Commission of the United States. The 
        amount of the shortfall is believed to be as much as $400 
        million.
            (10) Around the world, over $150 billion of Qaddafi assets 
        are frozen, and almost all of this amount will be paid to the 
        new Libyan government, including the vast majority of the 
        assets blocked by the United States.

SEC. 3. STATEMENT OF POLICY.

    It shall be the policy of the United States Government--
            (1) to ensure that the United States Treasury is reimbursed 
        for the full cost of all military and humanitarian operations 
        undertaken in and with respect to Libya from the onset of 
        Operation Odyssey Dawn through the fall of the Qaddafi regime; 
        and
            (2) to ensure that there are sufficient funds available to 
        the United States to fully compensate victims of Libyan-
        sponsored terrorism, prior to providing assets blocked pursuant 
        Executive Order 13566 of February 25, 2011 to the Government of 
        Libya or other rightful owners.

SEC. 4. AUTHORITY TO VEST AND USE BLOCKED LIBYAN ASSETS TO DEFRAY THE 
              FULL COSTS OF OPERATION ODYSSEY DAWN AND U.S. 
              PARTICIPATION IN NATO OPERATION UNIFIED PROTECTOR.

    (a) In General.--Pursuant to the authorities of the International 
Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the President 
is authorized to--
            (1) by means of instructions, licenses, or otherwise, vest 
        such blocked Libyan assets that are available as of the date of 
        the enactment of this Act in an amount necessary for the 
        purposes described in subsection (b);
            (2) liquidate or sell any blocked Libyan assets described 
        in paragraph (1); and
            (3) deposit any funds taken under paragraph (1) and any 
        funds resulting from the liquidation or sale of blocked Libyan 
        assets under paragraph (2) in the United States Treasury for 
        the purposes described in subsection (b).
    (b) Use of Vested Funds.--
            (1) In general.--Notwithstanding any other provision of 
        law, the President shall use blocked Libyan assets vested under 
        subsection (a)(1) to defray the full costs of Operation Odyssey 
        Dawn and United States participation in NATO Operation Unified 
        Protector and any associated humanitarian efforts undertaken on 
        behalf of the Libyan people.
            (2) Other use of funds.--Notwithstanding any other 
        provision of law, the President is authorized to use blocked 
        Libyan assets vested under subsection (a)(1) to satisfy and pay 
        in full all final awards of compensation to United States 
        nationals ordered by the Foreign Claims Settlement Commission 
        in its Libya Claims Program pursuant to the Libyan Claims 
        Resolution Act (Public Law 110-301) and the International 
        Claims Settlement Act of 1949 (22 U.S.C. 1621 et seq.).
    (c) Regulations.--The President may issue such regulations, 
including regulations prescribing definitions in addition to the 
definitions listed in subsection (d), as may be necessary for the 
exercise of the authorities granted by this Act.
    (d) Definitions.--In this section--
            (1) the term ``blocked Libyan assets'' means all property 
        and interests in property that are seized or blocked by the 
        United States in accordance with Executive Order 13566 of 
        February 25, 2011 (76 Fed. Reg. 11315); and
            (2) the term ``Government of Libya'' means the Government 
        of Libya on the date of the enactment of this Act, including 
        any agency or instrumentality of that Government and any entity 
        controlled by that Government.

SEC. 5. DETERMINATION OF AMOUNTS.

    (a) In General.--For purposes of determining the amount of blocked 
Libyan assets to vest under section 4(a)(1), the President shall ensure 
the full costs of military operations and humanitarian efforts 
described in section 4(b)(1)--
            (1) are determined in accordance with generally accepted 
        accounting principles;
            (2) include all expenditures properly chargeable to such 
        operations and efforts; and
            (3) are not limited to marginal costs.
    (b) Consultation.--The President shall determine the amount of 
blocked Libyan assets to vest under section 4(a)(1) after consultation 
with the Secretary of Defense and the Foreign Claims Settlement 
Commission.

SEC. 6. REPORT.

    Not later than 1 year after the date of the enactment of this Act, 
and annually thereafter as appropriate, the President shall prepare and 
submit to Congress a report on the implementation of this Act.

Summary: Libyan Assets Taxpayer Reimbursement Act of 2011 - Authorizes the President to vest blocked Libyan assets in an amount necessary to ensure: (1) reimbursement for the cost of US military and humanitarian operations undertaken in Libya, and (2) compensation for US victims of Libyan-sponsored terrorism.