Publisher's Synopsis
Excerpt from Iraq Claims Legislation: Hearing Before the Subcommittee on International Economic Policy, Trade, Oceans and Environment of the Committee on Foreign Relations United States Senate, One Hundred Third Congress, Second Session, September 21, 1994
U.S. Senate, Subcommittee on International Economic Policy, Trade, Oceans and Environment Of The Committee on Foreign Relations, Washington, DC.
The committee met, pursuant to notice, at 10:35 a.m., in room SD-419, Dirksen Senate Office Building, Hon. Paul S. Sarbanes (chairman of the subcommittee) presiding.
Present: Senators Sarbanes, Helms, and Robb.
Senator Sarbanes. The committee will come to order.
I apologize to the witnesses for the delay in starting the hearing, but there are a number of committee meetings taking place this morning. I had to be at another one and was not able to depart from there.
The Subcommittee on Economic International Economic Policy, Trade, and the Environment meets this morning to hear testimony on the Iraq claims legislation, currently pending before the Foreign Relations Committee.
The legislation, H.R. 3221 and S. 1401, was introduced at the request of the administration to provide a procedure for liquidating Iraq's frozen assets in the United States and allocating those assets amongst the claimants.
The situation to which this is addressed, as I understand it, is as follows: Even before invading Kuwait on August 2, 1990, the Iraqi Government was in debt to numerous American companies and to the U.S. Government for various loans, credits, and commercial transactions.
Iraq also had not compensated the United States for personal injuries or property damage arising from the attack against the U.S.S. Stark, although it nad paid the families of military personnel killed in that action.
From the day of Iraq's invasions through the end of the international campaign to reverse this action, there was a large human cost in deaths and injuries and continuing illnesses, as well as a large economic cost from property seized, damaged, or destroyed.
The U.N. found Iraq "liable under international law for any direct loss, damage or injury to foreign governments, nationals and corporations, as a result of Iraq's unlawful invasion and occupation of Kuwait."
When Iraq invaded Kuwait, one of the first steps that was taken was the blocking by Executive order of all Iraqi property and accounts in the United States.
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