To authorize the President to seize and liquidate Iraqi Government assets that have been blocked by the United States, with the proceeds to be used to help offset costs of Operation Desert Shield and Operation Desert Storm.

Authorizes the President to direct that any property of the Government of Iraq blocked pursuant to a specified executive order shall vest in the United States, to be sold or otherwise liquidated. Requires funds acquired from such sale or liquidation to be deposited into the Defense Cooperation Account and used for expenses incurred by the United States in Operations Desert Shield and Desert Storm. Directs the President to report quarterly to the Congress on the exercise of such liquidating authority, and on funds deposited into the Account.

Expresses the sense of the Congress that the President should urge other countries that have blocked Iraqi Government assets to seize and liquidate them and to donate the proceeds to the United States to pay for its Persian Gulf War expenses.