A bill entitled the "Iraqi Assets Control Act".

Summary

Requires the President to: (1) identify those persons engaged in interstate commerce in the United States that are controlled by Iraqi persons; (2) identify property in which transactions have been blocked pursuant to an executive order freezing Iraqi assets; and (3) conduct investigations to determine whether Iraqi control of such entity might impair the national security. Grants the President the authority to: (1) order the seizure of any such property or interest if the President determines that Iraqi control thereof might impair national security and that seizure is in the national interest; and (2) pay U.S. creditors and other holders of obligations for which Iraq has suspended payment or repayment. Directs the President to equitably distribute the funds gained from the liquidated assets among all creditors and other obligation holders, including the U.S. Government.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 24 October 1990

  Open at official source

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