Czechoslovakian Claims Settlement Act of 1981

(Reported to House from the Committee on Foreign Affairs with amendment, H. Rept. 97-385)

Czechoslovakian Claims Settlement Act of 1981 - Approves the Agreement between the United States and Czechoslovakia on the Settlement of Certain Outstanding Claims and Financial Issues, initialed on November 6, 1981. Authorizes the President to execute technical changes in the agreement if they are necessary to facilitate its implementation.

Directs the Secretary of Treasury to cover into the Czechoslovakian Claims Fund the amount paid by Czechoslovakia to discharge the claims of U.S. nationals pursuant to the agreement.

Directs the Secretary to establish three accounts in the Fund. Requires a specified amount to be placed in the first account. Requires such account to be used to pay awards that were certified by the Foreign Claims Settlement Commission for claims against Czechoslovakia pursuant to the International Claims Settlement Act of 1949.

Requires a specified amount to be placed in the second account to be available to pay the certified claims of U.S. nationals for losses resulting from the nationalization or other taking of property by Czechoslovakia between August 8, 1958, and the date on which the agreement takes effect.

Requires the remainder of the money in the Fund to be placed in the third account. Requires such account to be available to make ex gratia payments to U.S. nationals for losses resulting from the nationalization or taking of property by Czechoslovakia between January 1, 1945, and February 26, 1948.

Sets forth the methods of certifying claims and paying awards. Requires the right to payment to lapse if specified conditions are met.

Directs the Secretary to invest the account funds. Requires the investment interest to be used to make payments.

Amends the Trade Act of 1974 to repeal the provision governing the payment by Czechoslovakia of amounts owed U.S. citizens and nationals.

Makes the provisions of this Act ineffective if, within 60 days of enactment, Czechoslovakia does not make specified payments to the United States or Czechoslovakia does not receive specified gold unless Congress approves the Agreement after that 60 day period. Provides for the extension of that 60 day period. Makes the provisions of this Act ineffective and prohibits the implementation of the agreement if those conditions are not met by that extension date unless Congress approves the agreement or authorizes a further extension by joint resolution.

Directs the Secretary of State to review and report to Congress on the agreement between the United States and Czechoslovakia providing for reciprocal social security payments to residents of the two countries.