H. R. 3210—16
TITLE II—TREATMENT OF TERRORIST
ASSETS
SEC. 201. SATISFACTION OF JUDGMENTS FROM BLOCKED ASSETS OF
TERRORISTS, TERRORIST ORGANIZATIONS, AND STATE
SPONSORS OF TERRORISM.
(a) IN GENERAL.—Notwithstanding any other provision of law,
and except as provided in subsection (b), in every case in which
a person has obtained a judgment against a terrorist party on
a claim based upon an act of terrorism, or for which a terrorist
party is not immune under section 1605(a)(7) of title 28, United
States Code, the blocked assets of that terrorist party (including
the blocked assets of any agency or instrumentality of that terrorist
party) shall be subject to execution or attachment in aid of execution
in order to satisfy such judgment to the extent of any compensatory
damages for which such terrorist party has been adjudged liable.
(b) PRESIDENTIAL WAIVER.—
(1) IN
GENERAL.—Subject to paragraph (2), upon deter-
mining on an asset-by-asset basis that a waiver is necessary
in the national security interest, the President may waive the
requirements of subsection (a) in connection with (and prior
to the enforcement of) any judicial order directing attachment
in aid of execution or execution against any property subject
to the Vienna Convention on Diplomatic Relations or the Vienna
Convention on Consular Relations.
(2) EXCEPTION.—A waiver under this subsection shall not
apply to—
(A) property subject to the Vienna Convention on Diplo-
matic Relations or the Vienna Convention on Consular
Relations that has been used by the United States for
any nondiplomatic purpose (including use as rental prop-
erty), or the proceeds of such use; or
(B) the proceeds of any sale or transfer for value to
a third party of any asset subject to the Vienna Convention
on Diplomatic Relations or the Vienna Convention on Con-
sular Relations.
(c) SPECIAL RULE FOR CASES AGAINST IRAN.—Section 2002 of
the Victims of Trafficking and Violence Protection Act of 2000
(Public Law 106–386; 114 Stat. 1542), as amended by section 686
of Public Law 107–228, is further amended—
(1) in subsection (a)(2)(A)(ii), by striking ‘‘July 27, 2000,
or January 16, 2002’’ and inserting ‘‘July 27, 2000, any other
date before October 28, 2000, or January 16, 2002’’;
(2) in subsection (b)(2)(B), by inserting after ‘‘the date
of enactment of this Act’’ the following: ‘‘(less amounts therein
as to which the United States has an interest in subrogation
pursuant to subsection (c) arising prior to the date of entry
of the judgment or judgments to be satisfied in whole or in
part hereunder)’’;
(3) by redesignating subsections (d), (e), and (f) as sub-
sections (e), (f), and (g), respectively; and
(4) by inserting after subsection (c) the following new sub-
section (d):
‘‘(d) DISTRIBUTION OF ACCOUNT BALANCES AND PROCEEDS INAD-
EQUATE
TO SATISFY FULL AMOUNT
OF COMPENSATORY AWARDS
AGAINST IRAN.—
H. R. 3210—17
‘‘(1) PRIOR JUDGMENTS.—
‘‘(A) IN
GENERAL.—In the event that the Secretary
determines that 90 percent of the amounts available to
be paid under subsection (b)(2) are inadequate to pay the
total amount of compensatory damages awarded in judg-
ments issued as of the date of the enactment of this sub-
section in cases identified in subsection (a)(2)(A) with
respect to Iran, the Secretary shall, not later than 60
days after such date, make payment from such amounts
available to be paid under subsection (b)(2) to each party
to which such a judgment has been issued in an amount
equal to a share, calculated under subparagraph (B), of
90 percent of the amounts available to be paid under sub-
section (b)(2) that have not been subrogated to the United
States under this Act as of the date of enactment of this
subsection.
‘‘(B) CALCULATION OF PAYMENTS.—The share that is
payable to a person under subparagraph (A), including
any person issued a final judgment as of the date of enact-
ment of this subsection in a suit filed on a date added
by the amendment made by section 686 of Public Law
107–228, shall be equal to the proportion that the amount
of unpaid compensatory damages awarded in a final judg-
ment issued to that person bears to the total amount of
all unpaid compensatory damages awarded to all persons
to whom such judgments have been issued as of the date
of enactment of this subsection in cases identified in sub-
section (a)(2)(A) with respect to Iran.
‘‘(2) SUBSEQUENT JUDGMENT.—
‘‘(A) IN GENERAL.—The Secretary shall pay to any per-
son awarded a final judgment after the date of enactment
of this subsection, in the case filed on January 16, 2002,
and identified in subsection (a)(2)(A) with respect to Iran,
an amount equal to a share, calculated under subparagraph
(B), of the balance of the amounts available to be paid
under subsection (b)(2) that remain following the disburse-
ment of all payments as provided by paragraph (1). The
Secretary shall make such payment not later than 30 days
after such judgment is awarded.
‘‘(B) CALCULATION OF PAYMENTS.—To the extent that
funds are available, the amount paid under subparagraph
(A) to such person shall be the amount the person would
have been paid under paragraph (1) if the person had
been awarded the judgment prior to the date of enactment
of this subsection.
‘‘(3) ADDITIONAL PAYMENTS.—
‘‘(A) IN GENERAL.—Not later than 30 days after the
disbursement of all payments under paragraphs (1) and
(2), the Secretary shall make an additional payment to
each person who received a payment under paragraph (1)
or (2) in an amount equal to a share, calculated under
subparagraph (B), of the balance of the amounts available
to be paid under subsection (b)(2) that remain following
the disbursement of all payments as provided by para-
graphs (1) and (2).
‘‘(B) CALCULATION OF PAYMENTS.—The share payable
under subparagraph (A) to each such person shall be equal
H. R. 3210—18
to the proportion that the amount of compensatory damages
awarded that person bears to the total amount of all
compensatory damages awarded to all persons who received
a payment under paragraph (1) or (2).
‘‘(4) STATUTORY CONSTRUCTION.—Nothing in this subsection
shall bar, or require delay in, enforcement of any judgment
to which this subsection applies under any procedure or against
assets otherwise available under this section or under any
other provision of law.
‘‘(5) CERTAIN RIGHTS AND CLAIMS NOT RELINQUISHED.—Any
person receiving less than the full amount of compensatory
damages awarded to that party in a judgment to which this
subsection applies shall not be required to make the election
set forth in subsection (a)(2)(B) or, with respect to subsection
(a)(2)(D), the election relating to relinquishment of any right
to execute or attach property that is subject to section
1610(f)(1)(A) of title 28, United States Code, except that such
person shall be required to relinquish rights set forth—
‘‘(A) in subsection (a)(2)(C); and
‘‘(B) in subsection (a)(2)(D) with respect to enforcement
against property that is at issue in claims against the
United States before an international tribunal or that is
the subject of awards by such tribunal.
‘‘(6) GUIDELINES FOR ESTABLISHING CLAIMS OF A RIGHT TO
PAYMENT.—The Secretary may promulgate reasonable guide-
lines through which any person claiming a right to payment
under this section may inform the Secretary of the basis for
such claim, including by submitting a certified copy of the
final judgment under which such right is claimed and by pro-
viding commercially reasonable payment instructions. The Sec-
retary shall take all reasonable steps necessary to ensure,
to the maximum extent practicable, that such guidelines shall
not operate to delay or interfere with payment under this
section.’’.
(d) DEFINITIONS.—In this section, the following definitions shall
apply:
(1) ACT
OF
TERRORISM.—The term ‘‘act of terrorism’’
means—
(A) any act or event certified under section 102(1);
or
(B) to the extent not covered by subparagraph (A),
any terrorist activity (as defined in section 212(a)(3)(B)(iii)
of the Immigration and Nationality Act (8 U.S.C.
1182(a)(3)(B)(iii))).
(2) BLOCKED ASSET.—The term ‘‘blocked asset’’ means—
(A) any asset seized or frozen by the United States
under section 5(b) of the Trading With the Enemy Act
(50 U.S.C. App. 5(b)) or under sections 202 and 203 of
the International Emergency Economic Powers Act (50
U.S.C. 1701; 1702); and
(B) does not include property that—
(i) is subject to a license issued by the United
States Government for final payment, transfer, or dis-
position by or to a person subject to the jurisdiction
of the United States in connection with a transaction
for which the issuance of such license has been specifi-
cally required by statute other than the International
H. R. 3210—19
Emergency Economic Powers Act (50 U.S.C. 1701 et
seq.) or the United Nations Participation Act of 1945
(22 U.S.C. 287 et seq.); or
(ii) in the case of property subject to the Vienna
Convention on Diplomatic Relations or the Vienna
Convention on Consular Relations, or that enjoys
equivalent privileges and immunities under the law
of the United States, is being used exclusively for
diplomatic or consular purposes.
(3) CERTAIN PROPERTY.—The term ‘‘property subject to the
Vienna Convention on Diplomatic Relations or the Vienna
Convention on Consular Relations’’ and the term ‘‘asset subject
to the Vienna Convention on Diplomatic Relations or the Vienna
Convention on Consular Relations’’ mean any property or asset,
respectively, the attachment in aid of execution or execution
of which would result in a violation of an obligation of the
United States under the Vienna Convention on Diplomatic Rela-
tions or the Vienna Convention on Consular Relations, as the
case may be.
(4) TERRORIST PARTY.—The term ‘‘terrorist party’’ means
a terrorist, a terrorist organization (as defined in section
212(a)(3)(B)(vi) of the Immigration and Nationality Act (8
U.S.C. 1182(a)(3)(B)(vi))), or a foreign state designated as a
state sponsor of terrorism under section 6(j) of the Export
Administration Act of 1979 (50 U.S.C. App. 2405(j)) or section
620A of the Foreign Assistance Act of 1961 (22 U.S.C. 2371).
TITLE III—FEDERAL RESERVE BOARD
PROVISIONS
SEC. 301. CERTAIN AUTHORITY OF THE BOARD OF GOVERNORS OF
THE FEDERAL RESERVE SYSTEM.
Section 11 of the Federal Reserve Act (12 U.S.C. 248) is
amended by adding at the end the following new subsection:
‘‘(r)(1) Any action that this Act provides may be taken only
upon the affirmative vote of 5 members of the Board may be
taken upon the unanimous vote of all members then in office
if there are fewer than 5 members in office at the time of the
action.
‘‘(2)(A) Any action that the Board is otherwise authorized to
take under section 13(3) may be taken upon the unanimous vote
of all available members then in office, if—
‘‘(i) at least 2 members are available and all available
members participate in the action;
‘‘(ii) the available members unanimously determine that—
‘‘(I) unusual and exigent circumstances exist and the
borrower is unable to secure adequate credit accommoda-
tions from other sources;
‘‘(II) action on the matter is necessary to prevent, cor-
rect, or mitigate serious harm to the economy or the sta-
bility of the financial system of the United States;
‘‘(III) despite the use of all means available (including
all available telephonic, telegraphic, and other electronic
means), the other members of the Board have not been
able to be contacted on the matter; and
H. R. 3210—20
‘‘(IV) action on the matter is required before the
number of Board members otherwise required to vote on
the matter can be contacted through any available means
(including all available telephonic, telegraphic, and other
electronic means); and
‘‘(iii) any credit extended by a Federal reserve bank pursu-
ant to such action is payable upon demand of the Board.
‘‘(B) The available members of the Board shall document in
writing the determinations required by subparagraph (A)(ii), and
such written findings shall be included in the record of the action
and in the official minutes of the Board, and copies of such record
shall be provided as soon as practicable to the members of the
Board who were not available to participate in the action and
to the Chairman of the Committee on Banking, Housing, and Urban
Affairs of the Senate and to the Chairman of the Committee on
Financial Services of the House of Representatives.’’.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.