Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. PAYMENT OF IRAQI CLAIMS.

(a) Vesting of Assets.--All nondiplomatic accounts of the
Government of Iraq in the United States that have been blocked pursuant
to the International Emergency Economic Powers Act (50 U.S.C. 1701 et
seq.) shall vest in the President, and the President, not later than 30
days after the date of the enactment of this Act, shall liquidate such
accounts. Amounts from such liquidation shall be transferred into the
Iraq Claims Fund established under subsection (b).
(b) Iraq Claims Fund.--Upon the vesting of accounts under
subsection (a), the Secretary of the Treasury shall establish in the
Treasury of the United States a fund to be known as the Iraq Claims
Fund (hereafter in this section referred to as the ''Fund'') for
payment of private claims or United States Government claims in
accordance with subsection (c).
(c) Payments.--
(1) Payments on private claims.--Not later than 2 years
after the date of the enactment of this Act, the Secretary of
the Treasury shall make payment out of the Fund in ratable
proportions on private claims certified under subsection (e)
according to the proportions which the total amount of the
private claims so certified bear to the total amount in the
Fund that is available for distribution at the time such
payments are made.
(2) Payments on united states government claims.--After
payment has been made in full out of the Fund on all private
claims certified under subsection (e), any funds remaining in
the Fund shall be made available to satisfy claims of the
United States Government against the Government of Iraq
determined under subsection (d).
(d) Determination of Validity of United States Government Claims.--
The President shall determine the validity and amounts of claims of the
Government of the United States against the Government of Iraq which
the Secretary of State has determined are outside the jurisdiction of
the United Nations Commission, and, to the extent that such claims are
not satisfied from funds made available by the Fund, the President is
authorized and requested to enter into a settlement agreement with the
Government of Iraq which would provide for the payment of such
unsatisfied claims.
(e) Determination of Private Claims.--
(1) Authority of the foreign claims settlement
commission.--The Foreign Claims Settlement Commission of the
United States is authorized to receive and determine, in
accordance with substantive law, including international law,
the validity and amounts of private claims under this section.
The Commission shall complete its affairs in connection with
the determination of private claims under this section within
such time as is necessary to allow the payment of the claims
under subsection (c)(1).
(2) Applicability.--Except to the extent inconsistent with
the provisions of this section, 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 private claims under this
section. Any reference in such provisions to ''this title''
shall be deemed to refer to those provisions and to this
section.
(3) Certification.--The Foreign Claims Settlement
Commission shall certify to the Secretary of the Treasury the
awards made in favor of each private claim under paragraph (1).
(f) Unsatisfied Claims.--Payment of any award made pursuant to this
section shall not extinguish any unsatisfied claim, or be construed to
have divested any claimant, or the United States on his or her behalf,
of any rights against the Government of Iraq with respect to any
unsatisfied claim.
(g) Definitions.--As used in this section--
(1) the term ''Government of Iraq'' includes agencies,
instrumentalities, and controlled entities (including public
sector enterprises) of that government;
(2) the term ''private claims'' mean claims of United
States persons against the Government of Iraq that are
determined by the Secretary of State to be outside the
jurisdiction of the United Nations Commission;
(3) the term ''United Nations Commission'' means the United
Nations Compensation Commission established pursuant to United
Nations Security Council Resolution 687, adopted in 1991; and
(4) the term ''United States person''--
(A) includes--
(i) any person, wherever located, who is a
citizen of the United States;
(ii) any corporation, partnership,
association, or other legal entity organized
under the laws of the United States or of any
State, the District of Columbia, or any
commonwealth, territory, or possession of the
United States; and
(iii) any corporation, partnership,
association, or other organization, wherever
organized or doing business, which is owned or
controlled by persons described in clause (i)
or (ii); and
(B) does not include the United States Government
or any officer or employee of the United States
Government acting in an official capacity.
Output:
Declares that all nondiplomatic accounts of the Government of Iraq in the United States that have been blocked pursuant to the International Emergency Economic Powers Act shall vest in, and be liquidated by, the President. Directs the Secretary of the Treasury, upon the vesting of the accounts, to establish within the Treasury the Iraq Claims Fund for payment of private or U.S. Government claims. Requires the President to determine the validity and amounts of U.S. Government claims against the Government of Iraq. Authorizes the Foreign Claims Settlement Commission of the United States to receive and determine the validity and amounts of private claims against Iraq.