(1) Saddam Hussein engaged in unprovoked ag-
gression in his invasion and occupation of Kuwait on
August 2, 1990.
(2) The Iraqi occupation force inflicted physical
injury, including rape, torture, mutilation, and mur-
der, on persons in Kuwait.
(3) The Iraqi occupation force caused cata-
strophic economic and ecological damage, including
looting homes and businesses and setting fire to 789
oil wells.
(4) The people and Government of the United
States are seeking $4,300,000,000 in personal, busi-
ness, and government losses that occurred as a re-
sult of the invasion of Kuwait by Iraqi forces.
SEC. 3. PAYMENT OF CLAIMS AGAINST IRAQ.
(a) IRAQ CLAIMS FUND.—The Secretary of the
Treasury shall establish in the Treasury of the United
States a fund to be known as the Iraq Claims Fund (in
this section referred to as the ‘‘Fund’’).
(b) VESTING
OF ASSETS.—All nondiplomatic ac-
counts of the Government of Iraq that have been blocked
pursuant to the International Economic Powers Act (50
U.S.C. 1701 et seq.) shall vest in the President. The
President, not later than 30 days after the date of the
enactment of this Act, shall liquidate such accounts and
transfer the amounts from the liquidation to the Fund.
(c) PAYMENTS.—
(1) INDIVIDUAL CLAIMS.—
(A) IN GENERAL.—After receiving a cer-
tification of claims from the Foreign Claims
Settlement Commission of the United States (in
this section referred to as the ‘‘Commission’’)
under subsection (d), the Secretary of the
Treasury shall pay each such certified indi-
vidual claim out of the Fund as provided in
subparagraph (B) or (C).
(B) PAYMENT
IN
FULL.—If the total
amount in the Fund available for distribution
(after making the deduction for administrative
expenses under subsection (f)) is equal to or
greater than the sum of the amounts of all cer-
tified individual claims, the Secretary of the
Treasury shall pay each certified individual
claim in full.
(C) PRO
RATA
PAYMENT.—If the total
amount in the Fund available for distribution
(after making the deduction for administrative
expenses under subsection (f)) is less than the
sum of the amounts of all certified individual
claims, the Secretary of the Treasury shall pay
each certified individual claim in an amount
bearing the same ratio to the full value of such
certified individual claim as the total amount in
the Fund available for distribution bears to the
sum of the amounts of all certified individual
claims.
(2) CORPORATE AND GOVERNMENT CLAIMS.—
(A) IN GENERAL.—If the Secretary of the
Treasury has paid all certified individual claims
in full under paragraph (1)(B), the Secretary of
the Treasury, after receiving the certification
from the President under subsection (e), shall
pay each certified corporate claim and each cer-
tified Government claim out of the Fund as
provided in subparagraph (B) or (C).
(B) PAYMENT
IN
FULL.—If the total
amount in the Fund available for distribution
(after paying the certified individual claims in
full under paragraph (1)(B)) is equal to or
greater than the sum of the amounts of all cer-
tified corporate claims and all certified Govern-
ment claims, the Secretary of the Treasury
shall pay each certified corporate claim and
each certified Government claim in full.
(C) PRO
RATA
PAYMENT.—If the total
amount in the Fund available for distribution
(after paying the certified individual claims in
full under paragraph (1)(B)) is less than the
sum of the amounts of all certified corporate
claims and all certified Government claims, the
Secretary of the Treasury shall pay each cer-
tified corporate claim and each certified Gov-
ernment claim in an amount bearing the same
ratio to the full value of such claim as the total
amount in the Fund available for distribution
(after paying the certified individual claims in
full under paragraph (1)(B)) bears to the sum
of the amounts of all certified corporate claims
and all certified Government claims.
(d) DETERMINATION AND CERTIFICATION OF INDI-
VIDUAL AND CORPORATE CLAIMS.—
(1) IN GENERAL.—Not later than 2 years after
the date of the enactment of this Act, the Commis-
sion shall determine, in accordance with applicable
substantive law (including international law), the va-
lidity and amount of each individual and corporate
claim, and shall certify such determination to the
Secretary of the Treasury. Such certification shall be
in the form of a single document, listing first the
valid individual claims and second the valid cor-
porate claims, and shall include with the listing of
each claim the name and address of the claimant
and the amount of such claim, including interest, de-
termined by the Commission to be valid.
(2) APPLICABILITY
OF
THE
INTERNATIONAL
CLAIMS SETTLEMENT ACT OF 1949.—Except to the
extent inconsistent with the provisions of this sec-
tion, the provisions of title I of the International
Claims Settlement Act of 1949 (22 U.S.C. 1621 et
seq.) shall apply with respect to each individual and
corporate claim under this section. Any reference in
such provisions to ‘‘this title’’ shall be deemed to
refer to those provisions and to this section.
(3) AWARD OF INTEREST.—In determining the
amount of any valid claim pursuant to this sub-
section, the Commission shall award interest on the
amount of the claim for the period beginning on the
date that the injury, loss, or damage that forms the
basis of the claim occurred and ending on the date
that the claim is certified under paragraph (1). In-
terest shall be awarded at the rate set by the Sec-
retary of the Treasury under section 1961(a) of title
28, United States Code, as of the date that the
Commission determines the validity of the claim. In-