A bill to amend the International Claims Settlement Act of 1949 to provide for the payment of claims of nationals of the United States against Vietnam.

Summary

Amends the International Claims Settlement Act of 1949 to provide for the vesting in such officer or agency as the President may designate of a portion of Vietnamese property (other than property of private persons) in which transactions were prohibited as of April 30, 1975, under specified regulations. Requires that the property vested shall be a portion of property which, when liquidated, will render: (1) an amount necessary to pay all certified awards made by the Foreign Claims Settlement Commission of the United States for claims against Vietnam; and (2) an amount equal to five percent of the total of such certified awards to pay the costs of the Commission and the Department of the Treasury. Requires the designee of the President to liquidate the vested property as expeditiously as possible. Requires that the proceeds from such liquidation be covered over into the Claims Fund established for Vietnamese claims. Provides that upon full payment of such certified awards, the United States shall succeed to all of the rights against Vietnam which form the basis of such awards. Directs the Secretary of the Treasury to require the recipients of such awards to provide release to the U.S. Government of all claims against the U.S. Government or Vietnam arising from the expropriations that are the basis of such awards. Directs the Secretary of State, in developing the U.S. position for balancing of claims in future negotiations with Vietnam, to give full credit to Vietnam upon the establishment of formal diplomatic relations between Vietnam and the United States for the property vested under the provisions of this Act.

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1 official file

• Introduced in House

  summary · EN · 30 June 1988

  Open at official source

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