Bill > S706

This bill amends the Justice for United States Victims of State Sponsored Terrorism Act to enhance and clarify funding sources for victims of state-sponsored terrorism. The legislation introduces several key provisions, including the transfer of significant funds from various sources into the United States Victims of State Sponsored Terrorism Fund. These sources include nearly $900 million from Binance Holdings Limited's forfeited assets, an additional $1.9 billion from related proceedings, and 50% of the excess unobligated balances from the Department of Justice and Treasury Forfeiture Funds. The bill establishes specific timelines for distributing funds, with fifth-round payments to be authorized by January 1, 2025, and distributed by March 14, 2025. It also mandates annual reporting by the Special Master to congressional judiciary committees, detailing the fund's balance, deposits, disbursements, and sources of funding. Additionally, the bill allows the Special Master to use up to 10 full-time equivalent Department of Justice personnel to manage the fund, with administrative costs paid from the fund itself. The Comptroller General is required to submit reports evaluating the fund's administration, funding trends, and outstanding claims, providing transparency and oversight for this compensation mechanism for victims of state-sponsored terrorism.

Justice

https://www.congress.gov/bill/119th-congress/senate-bill/706/all-info