Summary: H.R.4602 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.4602. Bill summaries are authored by CRS.

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Introduced in House (06/08/2000)

Property Protection Act of 2000 - Declares that assistance under the Foreign Assistance Act of 1961 or the Arms Export Control Act for FY 2001 or 2002 (except certain humanitarian, international narcotics control, or international disaster assistance) may only be provided to the Government of the Republic of Nicaragua (Nicaragua) if the President first certifies to Congress that Nicaragua has: (1) returned the nationalized or expropriated property of each U.S. citizen who has a formally-documented claim against Nicaragua listed in the report required by this Act; or (2) provided adequate and effective compensation in convertible foreign exchange or other mutually acceptable compensation equivalent to the full value of the nationalized or expropriated property of each U.S. citizen with such a claim.

Requires the President to report annually to Congress on the 50 most urgent property claims by U.S. citizens against Nicaragua, which shall include, but not be limited to, all property claims in which Nicaraguan courts have ruled in favor of U.S. citizens, and property claims by U.S. citizens involving Public Sector National Corporations (CORNAP).

Directs the President to instruct the U.S. Executive Director at each multilateral development bank and international financial institution of which the United States is a member to oppose any loan or other utilization of bank or institution funds for the benefit of Nicaragua for FY 2001 or 2002 unless the President first certifies Nicaragua's compliance with this Act.