Here is a press release from the White House.

 Text of President Clinton's Letter to Congress on Iranian Assets
 To: National Desk
 Contact: White House Press Office, 202-456-2100

   WASHINGTON, May 14  -- Following is a letter
President Clinton wrote to Congress on Iranian Assets:

  TO THE CONGRESS OF THE UNITED STATES:

       I hereby report to the Congress on developments since the
  last Presidential report on November 10, 1992, concerning the
  national emergency with respect to Iran that was declared in
  Executive Order No. 12170 of November 14, 1979, and matters
  relating to Executive Order No. 12613 of October 29, 1987.
  This report is submitted pursuant to section 204(c) of the
  International Emergency Economic Powers Act, 50 U.S.C. 1703(c),
  and section 505(c) of the International Security and Development
  Cooperation Act of 1985, 22 U.S.C. 2349aa-9(c).  This report
  covers events through March 31, 1993.  The last report, dated
  November 10, 1992, covered events through October 15, 1992.

       1.  There have been no amendments to the Iranian
  Transactions Regulations ("ITRs"), 31 CFR Part 560, or to the
  Iranian Assets Control Regulations ("IACRs"), 31 CFR Part 535,
  since the last report.

       2.  The Office of Foreign Assets Control ("FAC") of the
  Department of the Treasury continues to process applications
  for import licenses under the ITRs.  However, as previously
  reported, recent amendments to the ITRs have resulted in a
  substantial decrease in the number of applications received
  relating to the importation of nonfungible Iranian-origin goods.

       During the reporting period, the Customs Service has
  continued to effect numerous seizures of Iranian-origin
  merchandise, primarily carpets, for violation of the import
  prohibitions of the ITRs.  FAC and Customs Service investi-
  gations of these violations have resulted in forfeiture actions
  and the imposition of civil monetary penalties.  Additional
  forfeiture and civil penalty actions are under review.

       3.  The Iran-United States Claims Tribunal (the
  "Tribunal"), established at The Hague pursuant to the Algiers
  Accords, continues to make progress in arbitrating the claims
  before it.  Since the last report, the Tribunal has rendered
  12 awards, for a total of 545 awards.  Of that total, 367 have
  been awards in favor of American claimants:  222 of these were
  awards on agreed terms, authorizing and approving payment of
  settlements negotiated by the parties, and 145 were decisions
  adjudicated on the merits.  The Tribunal has issued 36 decisions
  dismissing claims on the merits and 83 decisions dismissing
  claims for jurisdictional reasons.  Of the 59 remaining awards,
  3 approved the withdrawal of cases, and 56 were in favor of
  Iranian claimants.  As of March 31, 1993, awards to successful
  American claimants from the Security Account held by the
  NV Settlement Bank stood at $2,340,072,357.77.

       As of March 31, 1993, the Security Account has fallen
  below the required balance of $500 million 36 times.  Iran has
  periodically replenished the account, as required by the Algiers
  Accords, by transferring funds from the separate account held by
  the NV Settlement Bank in which interest on the Security Account
  is deposited.  Iran has also replenished the account with the
  proceeds from the sale of Iranian-origin oil imported into the
  United States, pursuant to transactions licensed on a case-by-
  case basis by FAC.  Iran has not, however, replenished the
  account since the last oil sale deposit on October 8, 1992.
  The aggregate amount that has been transferred from the Interest
  Account to the Security Account is $874,472,986.47.  As of
  March 31, 1993, the total amount in the Security Account was
  $216,244,986.03, and the total amount in the Interest Account
  was $8,638,133.15.

       4.  The Tribunal continues to make progress in the
  arbitration of claims of U.S. nationals for $250,000.00 or more.
  Since the last report, nine large claims have been decided.
  More than 85 percent of the nonbank claims have now been
  disposed of through adjudication, settlement, or voluntary
  withdrawal, leaving 76 such claims on the docket.  The larger
  claims, the resolution of which has been slowed by their
  complexity, are finally being resolved, sometimes with sizable
  awards to the U.S. claimants.  For example, two claimants were
  awarded more than $130 million each by the Tribunal in October
  1992.

       5.  As anticipated by the May 13, 1990, agreement settling
  the claims of U.S. nationals for less than $250,000.00, the
  Foreign Claims Settlement Commission ("FCSC") has continued its
  review of 3,112 claims.  The FCSC has issued decisions in
  1,201 claims, for total awards of more than $22 million.  The
  FCSC expects to complete its adjudication of the remaining
  claims in early 1994.

       6.  In coordination with concerned Government agencies,
  the Department of State continues to present United States
  Government claims against Iran, as well as responses by the
  United States Government to claims brought against it by Iran.
  In November 1992, the United States filed 25 volumes of
  supporting information in case B/1 (Claims 2 & 3), Iran's claim
  against the United States for damages relating to its Foreign
  Military Sales Program.  In February of this year, the United
  States participated in a daylong prehearing conference in
 several other cases involving military equipment.  Iran also
  filed a new interpretative dispute alleging that the failure
  of U.S. courts to enforce an award against a U.S. corporation
  violated the Algiers Accords.

       7.  As reported in November, Jose Maria Ruda, President of
  the Tribunal, tendered his resignation on October 2, 1992.  No
  successor has yet been named.  Judge Ruda's resignation will
  take effect as soon as a successor becomes available to take up
  his duties.

       8.  The situation reviewed above continues to involve
  important diplomatic, financial, and legal interests of the
  United States and its nationals.  Iran's policy behavior
  presents challenges to the national security and foreign
  policy of the United States.  The IACRs issued pursuant to
  Executive Order No. 12170 continue to play an important role
  in structuring our relationship with Iran and in enabling
  the United States to implement properly the Algiers Accords.
  Similarly, the ITRs issued pursuant to Executive Order No. 12613
  continue to advance important objectives in combatting inter-
  national terrorism.  I shall exercise the powers at my disposal
  to deal with these problems and will report periodically to the
  Congress on significant developments.


                         WILLIAM J. CLINTON


  THE WHITE HOUSE,
      May 14, 1993.

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