Terrorism Victim Compensation Equity Act - Amends the September 11th Victim Compensation Fund of 2001 to provide compensation for the U.S. citizens who were victims of the bombings of United States embassies in East Africa on August 7, 1998, the attack on the U.S.S. Cole on October 12, 2000, or the attack on the World Trade Center on February 26, 1993, on the same basis as compensation is provided to victims of the terrorist-related aircraft crashes on September 11, 2001.
States that a claimant under this Act waives the right to file a civil action in any Federal or State court for damages sustained in the incident, except against a knowing participant in any conspiracy to commit any terrorist act. Exempts from such waiver any civil action to recover a collateral source obligation based on contract.