S. 706, the American Victims of Terrorism Compensation Act, amends existing law to increase funding for U.S. victims of state-sponsored terrorism by directing several new revenue sources into the Victims of State Sponsored Terrorism Fund. The bill requires deposits of approximately $2.8 billion in forfeited funds from the Binance cryptocurrency case, plus 50 percent of excess unobligated balances annually from the Department of Justice and Treasury forfeiture funds, along with all interest earned on these amounts. It ensures that fifth-round compensation payments are distributed to eligible claimants by March 14, 2025, and establishes annual January 1st payment authorizations thereafter to distribute all newly received funds on a pro rata basis. The legislation also expands which forfeited assets qualify for deposit—including those from sanctions violations and cases involving state sponsors of terrorism—and requires annual congressional reporting on fund activity, a Government Accountability Office report by April 2025 on proceeds available for deposit, and triennial GAO evaluations of the fund's administration and sufficiency.
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