US HB39

Establishes the Merchant Mariner Equity Compensation Fund within the Treasury to provide one-time $25,000 payments to eligible World War II merchant mariners who served between December 7, 1941 and December 31, 1946

Eligible individuals must apply within one year of enactment, must not have received benefits under the Servicemen's Readjustment Act of 1944 (GI Bill), and must have served as crew members on vessels operated by the War Shipping Administration or Office of Defense Transportation

Authorizes $125,000,000 in appropriations for fiscal year 2026, with funds remaining available until expended and payments distributed in the order applications are received

Requires the Secretary of Veterans Affairs to prescribe implementing regulations within 180 days and submit annual reports to Congress detailing fund operations, applicant numbers, and funding estimates

Covers service in the U.S. merchant marine, Army Transport Service, and Naval Transport Service on vessels under government contract serving the Armed Forces in waters beyond inland lakes and harbors