settlement and arbitration

settlement and arbitration Sec. 1347. (a) The Secretary is authorized to make final settlement of any claims or demands which may arise as a result of any financial transactions which he is authorized to carry out under this chapter, and may, to assist him in making any such settlement, refer any disputes relating to such claims or demands to arbitration, with the consent of the parties concerned. (b) Such arbitration shall lie advisory in nature, and any award, decision, or recommendation which may be made shall become final only upon the approval of the Secretary.