H.R. 1530: American Victims of Terrorism Compensation Act

Summary of the Bill

The bill titled the American Victims of Terrorism Compensation Act aims to modify existing legislation related to compensating U.S. victims of state-sponsored terrorism. It amends the Justice for United States Victims of State Sponsored Terrorism Act to ensure consistent funding and distribution from the United States Victims of State Sponsored Terrorism Fund. Here are the key provisions of the bill:

1. Fund Distribution Changes

The bill establishes new guidelines for the distribution of funds to victims:

The fifth-round payments to eligible claimants must be authorized by the Special Master by January 1, 2025, and distributed by March 14, 2025.
It clarifies that certain forfeited assets and other financial resources, specifically from litigation involving Binance Holdings Limited, are to be included in the Fund, highlighting amounts already deposited and additional expected contributions.

2. Handling of Forfeited Assets

The legislation details how various sources of forfeited assets will add funds to the Victims Fund:

Funds from forfeitures related to actions against state sponsors of terrorism or violations of relevant economic regulations will be transferred into the Fund.
It states that all interest earned on these deposited funds will also contribute to the Fund.

3. Timing of Deposits

The bill establishes a clear timeline for when forfeited funds and penalties are to be deposited into the Victims Fund, ensuring prompt handling post-forfeiture.

4. Annual Payments for Claims

Each January starting in 2026, the Special Master or Attorney General is mandated to authorize additional compensation payments to eligible claimants from the Fund. This will be based on available amounts, ensuring that victims receive timely compensation.

5. Annual Reports on Fund Activity

New reporting requirements for the Special Master include:

Submitting an annual report to congressional judiciary committees detailing the Fund's balance, deposits, disbursements, and sources of income.
Publishing these reports online for public access, increasing transparency regarding fund utilization.

6. Administrative Costs and Personnel

The bill allows for up to ten Department of Justice personnel to assist in carrying out the Special Master's duties, with associated administrative costs covered by the Fund.

7. Additional Reporting Requirements

It mandates further reporting on remaining reserve funds that will need to be deposited into the Victims Fund, promoting continuous funding oversight and accountability.

Relevant Companies

Binance Holdings Limited (BINANCE): The company is likely to be significantly impacted because a portion of the funds and proceeds from its forfeiture will be directly allocated to the United States Victims of State Sponsored Terrorism Fund, which could involve substantial amounts of money.

This is an AI-generated summary of the bill text. There may be mistakes.