S 351 ISCommentsClose CommentsPermalink

To require United States Government representatives to present to the Government of Iraq a plan to establish an oil trust.CommentsClose CommentsPermalink

January 29, 2009CommentsClose CommentsPermalink

Mr. ENSIGN (for himself and Mr. BAYH) introduced the following bill; which was read twice and referred to the Committee on Foreign RelationsCommentsClose CommentsPermalink

To require United States Government representatives to present to the Government of Iraq a plan to establish an oil trust.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Support for Iraq Oil Trust Act of 2009’.CommentsClose CommentsPermalink

SEC. 2. STATEMENT OF POLICY.

It is the policy of the United States that--CommentsClose CommentsPermalink





(1) the people of Iraq should benefit directly from a share of the revenues generated by the hydrocarbon resources of their country; andCommentsClose CommentsPermalink





(2) the United States Government should present a plan and provide capacity and economic assistance for the implementation of an Iraq oil trust.CommentsClose CommentsPermalink

SEC. 3. SENSE OF CONGRESS.

It is the sense of Congress that--CommentsClose CommentsPermalink





(1) the future of Iraq’s oil reserves remains at the heart of political reconciliation in Iraq;CommentsClose CommentsPermalink





(2) ensuring that individual Iraqis benefit directly from hydrocarbon revenues is critical to promoting reconciliation and facilitating sustainable stability in Iraq;CommentsClose CommentsPermalink





(3) the development and implementation of an oil trust could provide significant benefits to Iraq and its citizens, including by--CommentsClose CommentsPermalink





(A) helping to demonstrate the values at the heart of democratic governance by giving Iraqi citizens a direct stake in the responsible and transparent management of the hydrocarbon resources of Iraq and the use and distribution of hydrocarbon revenues;CommentsClose CommentsPermalink





(B) helping to diffuse the degree and concentration of control of the revenues generated from hydrocarbon resources, thereby reducing the opportunity for and magnitude of corruption;CommentsClose CommentsPermalink





(C) facilitating ‘bottom-up’ private sector development, which will be critical to Iraq’s future prosperity and economic diversity, by putting revenues from the oil resources of Iraq directly in the hands of its citizens;CommentsClose CommentsPermalink





(D) helping to alleviate the incentive for smuggling or sabotage by providing individual citizens a direct stake in the amount of Iraqi oil that is legally produced and sold;CommentsClose CommentsPermalink





(E) contributing to sustainable security by providing individuals monetary-resource alternatives to cooperating with militias, extremists, and other extra-legal entities;CommentsClose CommentsPermalink





(F) providing additional income directly to individual citizens, thereby stimulating entrepreneurship and reducing the reliance on the ability of the central and provincial governments to deliver basic services and execute their budgets; andCommentsClose CommentsPermalink





(G) serving as a model for revenue distribution to other resource-rich countries in the Middle East; andCommentsClose CommentsPermalink





(4) the United States should provide assistance to Iraq for implementation of an oil trust.CommentsClose CommentsPermalink

SEC. 4. UNITED STATES ASSISTANCE TO IRAQ.

(a) Purpose- The purpose of this section is to stipulate limitations on United States assistance to Iraq for reconstruction purposes.CommentsClose CommentsPermalink





(b) Limitation-CommentsClose CommentsPermalink





(1) IN GENERAL- Unless the Secretary of State submits to the appropriate congressional committees the certification described in subsection (c) within 90 days after the date of the enactment of this Act, 10 percent of United States assistance described in paragraph (4) that is otherwise available to Iraq through the Economic Support Fund shall be withheld.CommentsClose CommentsPermalink





(2) ADDITIONAL WITHHOLDING OF FUNDS- An additional 10 percent of United States assistance described in paragraph (4) that is otherwise available to Iraq through the Economic Support Fund shall be withheld for each additional 30 days after funds are withheld under paragraph (1) until the Secretary of State makes the certification described in subsection (c).CommentsClose CommentsPermalink





(3) RELEASE OF WITHHELD FUNDS- Any funds withheld under paragraphs (1) and (2) shall be made available upon submission by the Secretary of State of the certification described in subsection (c).CommentsClose CommentsPermalink





(4) COVERED ASSISTANCE- The assistance referred to in paragraphs (1) and (2) are the following funds:CommentsClose CommentsPermalink





(A) Provincial Reconstruction Development Council Funds.CommentsClose CommentsPermalink





(B) Operations and Maintenance Sustainment.CommentsClose CommentsPermalink





(C) Targeted Development Program.CommentsClose CommentsPermalink





(c) Certification- The certification referred to in subsection (b) is a certification submitted by the Secretary of State to the appropriate congressional committees that--CommentsClose CommentsPermalink





(1) certifies that representatives of the United States Government have presented to Government of Iraq representatives an oil trust plan that includes--CommentsClose CommentsPermalink





(A) background on oil trusts, including those currently used by sovereign nations or territories and states within nations; andCommentsClose CommentsPermalink





(B) options for different types of oil trusts that could be implemented in Iraq; andCommentsClose CommentsPermalink





(2) includes a discussion on the steps necessary to implement an oil trust.CommentsClose CommentsPermalink

SEC. 5. APPROPRIATE CONGRESSIONAL COMMITTEES DEFINED.

In this Act, the term ‘appropriate congressional committees’ means--CommentsClose CommentsPermalink





(a) the Committee on Armed Services, the Committee on Foreign Relations, and the Committee on Appropriations of the Senate; andCommentsClose CommentsPermalink





(b) the Committee on Armed Services, the Committee on Foreign Affairs, and the Committee on Appropriations of the House of Representatives.CommentsClose CommentsPermalink