A bill to provide for the determination of validity and amounts of, and for the satisfaction of, all claims of United States citizens, corporations or other legal entities against the Government of Iran or Iranian citizens, corporations or other legal entities arising out of policies, or of actions taken by the Government of Iran or Iranian citizens, corporations or other legal entities subsequent to the deposition of the Shah.

Directs the Foreign Claims Settlement Commission to determine the validity and award damages based on claims against Iran by U.S. citizens and corporations for injuries resulting from Iranian actions subsequent to October 1, 1978. Prohibits the receipt of claims against Iran after normal relations are restored. Requires the Commission to certify the amount of damages awarded to the Secretaries of State and Treasury.

Directs the Secretary of the Treasury to establish a special fund for the payment of such awards into which shall be paid: (1) payments by Iran to satisfy such claims; and (2) amounts realized from Iranian assets subject to control under the International Emergency Economic Powers Act. Requires the Secretary to make payments from such fund for awards not otherwise satisfied by Iran.