A bill to establish a commission which shall be called the Iran Claims Settlement Commission and to enable the President of the United States to release the assets frozen by Presidential order on November 14, 1979.

Empowers the President to take any actions with respect to the frozen Iranian assets, despite other provisions of law, claims filed in U.S. courts, or assets reduced to the possession of U.S. creditors. Bars any claim against Iran out of such assets.

Establishes the Iran Claims Settlement Commission to have exclusive jurisdiction over U.S. claims against Iran. Authorizes such Commission to settle and pay to the successful claimants their share of the amount recovered from Iran.