[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1119 Introduced in Senate (IS)]
103d CONGRESS
1st Session
S. 1119
To amend the International Emergency Economic Powers Act to provide for
the payment of certain secured debts, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 16 (legislative day, June 15), 1993
Mr. Robb (for himself, Mr. Dole, Mrs. Murray, Mr. Helms, Mr. Campbell,
Mr. Warner, Mr. Kerrey, Mr. Hatch, Mr. Exon, Mr. Faircloth, Mr. Brown,
Mr. Sasser, and Mr. Bond) introduced the following bill; which was read
twice and referred to the Committee on Banking, Housing, and Urban
Affairs
_______________________________________________________________________
A BILL
To amend the International Emergency Economic Powers Act to provide for
the payment of certain secured debts, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Secured Payment Act of 1993''.
SEC. 2. FINDINGS AND PURPOSE.
(a) Findings.--The Congress finds that--
(1) a number of United States corporations and their
foreign subsidiaries engaged in lawful trade with Iraq and
fulfilled their contractual or letter of credit obligations
before August 2, 1990, but have not been paid;
(2) since August 2, 1990, pursuant to Executive Orders No.
12722 and No. 12724, the Department of the Treasury has frozen
Iraqi assets in the United States, including funds sufficient
to pay the debts described in the preceding paragraph, even
though (A) payment is secured by irrevocable letters of credit,
and (B) the transactions covered by the letters of credit are
otherwise complete; and
(3) the Department of the Treasury has no jurisdiction over
such funds.
(b) Purpose.--The purpose of this Act is to provide for the
immediate release to the lawful owners of the funds described in
subsection (a)(2).
SEC. 3. AMENDMENT OF THE INTERNATIONAL EMERGENCY ECONOMIC POWERS ACT.
(a) Grant of Authority.--Section 203(b) of the International
Emergency Economic Powers Act (50 U.S.C. 1702(b)) is amended--
(1) by redesignating paragraphs (1), (2), and (3) as
subparagraphs (A), (B), and (C), respectively;
(2) by inserting ``(1)'' immediately after ``(b)'';
(3) by amending paragraph (1) (as redesignated)--
(A) by striking out ``or'' at the end of
subparagraph (B);
(B) by striking the period at the end of
subparagraph (C) and inserting ``; or''; and
(C) by adding at the end the following new
subparagraph:
``(D) payments under irrevocable letters of credit issued
by a United States or foreign bank, from any type of account,
of amounts owed to or for the benefit of a national of the
United States, including any foreign subsidiary or branch
thereof, that is the beneficiary of an irrevocable letter of
credit and that shipped the goods, or otherwise performed its
obligations under an underlying contract, before the
declaration of any national emergency under section 202.''; and
(4) by adding at the end the following new paragraph:
``(2) Paragraph (1)(D) shall not apply to any United States
national who is found to have violated the Export Administration Act of
1979, the Arms Export Control Act, or any license, order, or regulation
issued under either Act.''.
(b) Application of Amendments.--The amendments made by subsection
(a) apply to actions taken by the President under section 203 of the
International Economic Emergency Powers Act before the date of
enactment of this Act which are in effect on such date and to actions
taken under such section on or after such date.
<all>