Speech #1040136171

As amended. this section protects the rights of certified US claimants by conditioning assistance to a transitional government in Cuba on U.S. Plresidential certification that the Cuban government is taking appropriate steps to resolve property claims involving US claimants as described in Section 620(a)(2) of the Foreign Assistance Act of A key element of the LIBERTAD Act involves measures under Chapter III to defend US property rights anti discourage foreign investors from trafficking in confiscated US properties. Under these provisions. foreign firms trafficking in stolen US property in Cuba would risk action by US claimants against their USbased assets l(Chapter II) Sections 741744] anti invite US action to revoke entry visas of foreign corporate executives trafficking in confiscated US properties. We believe these measures will enhance the leverage of US claimants seeking to discourage prospective foreign investors from trafficking in their confiscated properties in Cuba. facilitate the rapid anti effective resolution of claims disputes. and level the playing field for US firms preparing to participate in the economic development of a democratic Cuba. Some US claimants have expressed concerns about allowing Cuban American claimants to file suits against traffickers or to obtain default judgements against tile Cuban government. Sections 742 and 7.14 of the LIBERTAD Act have also been modified to clarify that the bill (toes not authorize the President to espouse tile claims of naturalized US citizens in any settlement with Cuba and will not dilute the pool of assets available to US claimants. As modified. the LIBERTlTAD Act significantly narrows and limits the filing of suits to effectively target foreign firms trafficking in confiscated USowned property. In the new version of LIBERTAD. it is not possible to obtain a default judgement against the current government of Cuba.