Armenian National Committee of America – Western Region
104 North Belmont Street, Suite 200
Glendale, California 91206
Phone: 818.500.1918 Fax: 818.246.7353
anca@anca.org

PRESS RELEASE
Tuesday, September 26, 2006

Contact: Lerna Kayserian
Tel: (818) 500-1918

Speier-Poochigian Armenian Genocide Recovery Law Enacted in California

SACRAMENTO, CA — The Armenian National Committee of America – Western
Region (ANCA-WR) welcomed the signing of "Armenian Genocide Bank and Looted
Assets Recovery Act", SB 1524. The new law, co-authored by Senator Jackie
Kanchelian Speier (D-San Mateo) and Senator Charles ‘Chuck’ Poochigian,
allow victims and heirs recovery – through Californiia Courts – of assets
looted by banks and financial institutions p;operating in the Ottoman
Empire and Turkey during the Armenian Genocide which have been wrongfully
withheld since the Genocide.

The legislation, signed into law this week by Governor Arnold
Schwarzenegger, was a key priority for Senator Speier in 2006. The
governor’s signing was made possible, in large part, due to her great
efforts working with the State Senate and Assembly leadership to shepherd
the bill through the legislature along with Senator Poochigian.

"I authored this legislation on behalf of the 900,000 Armenian Americans
living in our state. As a result of the Armenian Genocide, thousands of
Armenian orphans and survivors were robbed of their country, their
families, their ancestral homes, as well as personal property and other
assets, including bank deposits," said Speier. "The time has come to return
these deposits to their rightful owners."

The ANCA-WR sponsored and testified in favor of the bill when it was first
introduced and had closely followed its progression through both houses and
onto the governor’s desk.

"We anticipate the new law will encourage banks doing business in Ottoman
Turkey during the Armenian Genocide to do the right thing and return those
assets," noted ANCA-WR Chairman, Steven Dadaian, who testified in support
of SB 1524 before the legislature when it was considered by the State
Senate Judiciary Committee.

"We hope that recent lawsuits filed on behalf of Armenian American Genocide
heirs will reach a just resolution for the return of those assets and we
applaud all members of our legislature and the Governor for taking this
important precedent setting step to stand up for justice once again," said
Dadaian.