Victims of Terrorism to Get Faster Payments, More Funding Under New Act

The American Victims of Terrorism Compensation Act is shaking up how victims of state-sponsored terrorism get compensated. This bill isn't just shuffling papers; it's redirecting a significant chunk of change – we're talking billions – into the United States Victims of State Sponsored Terrorism Fund (USVSST Fund) to make sure victims get paid faster and more reliably.

Cash Flow Overhaul

The biggest move here? A massive infusion of cash from the Binance Holdings Limited case. Specifically, the bill pulls in $898,619,225 already deposited, plus another $1,912,031,763 from related proceedings, and all the interest those funds earn (SEC. 2). That's a serious boost to the fund. But it doesn't stop there. The bill also mandates that 50% of the excess unobligated balance (and the interest it earns) from both the Department of Justice Assets Forfeiture Fund and the Department of the Treasury Forfeiture Fund gets transferred to the USVSST Fund annually (SEC. 2). Think of it like this: if those funds have more cash than they need for the next year, half of that surplus goes to help victims of terrorism.

Faster Payouts, Real-World Impact

This isn't just about hoarding money; it's about getting it to the people who need it. The bill sets a hard deadline: all fifth-round payments authorized by January 1, 2025, must be distributed by March 14, 2025 (SEC. 2). For someone who's been waiting for compensation, that's a concrete date, not just a vague promise. And starting January 1, 2026, there will be annual payments, pro-rated to include all eligible funds received by any U.S. agency (SEC. 4). This means victims can expect a more regular and predictable flow of compensation, which can make a huge difference in planning for the future.

Imagine a family who lost a loved one in a terrorist attack. This bill could mean the difference between struggling to make ends meet and having the financial stability to rebuild their lives. It's not just about the money; it's about the security and peace of mind that comes with it.

Keeping Things Transparent

The bill also demands a lot more transparency. The Special Master overseeing the fund has to submit a detailed annual report by January 31st each year, outlining everything: the fund's balance, where the money came from, where it went, and why (SEC. 5). This report gets published on the Fund's website by March 1st (SEC. 5). Plus, the Comptroller General has to submit reports to Congress, evaluating the fund's administration, funding trends, and outstanding claims (SEC. 5). This level of scrutiny should help ensure the fund is being managed effectively and that victims' needs are being met.

Streamlining the Process

To handle the increased workload, the Special Master can now use up to 10 full-time Department of Justice personnel, with their costs covered by the Fund (SEC. 6). It's like bringing in extra staff to handle a rush – a practical step to make sure things run smoothly. And, any leftover money in a special reserve fund is getting moved into the main fund for a supplemental fifth-round payment, due by June 30, 2025 (SEC. 7). That's a bonus for those already approved for payments. The bill also clarifies that all funds from violations of the International Emergency Economic Powers Act or the Trading with the Enemy Act, or from actions involving state sponsors of terrorism, must be deposited into the fund (SEC. 3). This closes potential loopholes and ensures a consistent stream of funding.