To provide for payment of certain claims against the Government of Iran.

States that: (1) it is U.S. policy to seek justice for American victims of terrorism and to hold terrorists and their state-sponsors accountable for their actions; and (2) any provision of the Algiers Accords, entered into with Iran on January 19, 1981, that purports to bar a U.S. citizen from prosecuting any claim in any U.S. court or to limit the jurisdiction of any U.S. court is hereby abrogated and deemed nonapplicable.

Directs the the Secretary of the Treasury to begin payments to a common fund to be: (1) established and administered by the certified class representatives for the former American hostages in Iran and their survivors (case number 1:00CV03110 (EGS) of the U.S. District Court for the District of Columbia); and (2) funded from the liquidation of blocked Iranian assets and from amounts in the Iran Foreign Military Sales Fund account (Foreign Military Sales Fund).

Sets forth fund payment amounts for each former hostage and spouse and child identified as a class member.