To provide authority for the President to seize Iraqi-held interests in U.S. entities engaged in interstate commerce, and for other purposes.

Requires the President to: (1) identify those entities engaged in interstate commerce in the United States that are controlled by Iraqi persons; (2) conduct investigations to determine whether Iraqi control of any such entity might impair the national security; and (3) identify all property or interests in property in which transactions are blocked pursuant to specified executive orders freezing Iraqi assets.

Grants the President the authority to: (1) order the seizure of any such property or interest if the President determines that Iraqi control thereof might impair national security and that seizure is in the national interest; and (2) use the proceeds of any such property or interest to pay the claims of U.S. persons against the Government of Iraq because of its suspension of payments due on credit extended by such U.S. persons or other contractual obligations of such Government that are held by U.S. persons. Requires that such payments be distributed equally among all U.S. persons having claims against such Government and requires the President to establish claims procedures.

Grants the President access to information necessary to carry out the provisions of this Act.