"I fully support the Administration's proposal for $87 billion for our efforts in Iraq. But I believe that a small portion of these dollars should be repaid to the American taxpayer," said Senator Collins.
"One day Iraq will be a free and prosperous nation," said Senator Collins. "At that point, I believe it is reasonable to ask the Iraqi government to repay some of the money Americans expended to build Iraq's infrastructure." The Hutchison-Collins amendment would set aside $10 billion of the reconstruction package for loans, which could be made through the Coalition Provisional Authority or through an "Iraq Reconstruction Trust Fund."
The Iraq Reconstruction Trust Fund, established by the Hutchison-Collins amendment, would be set up by the Department of Treasury in consultation with the World Bank. During a six-month period, the United States would match dollar-for-dollar, up to $10 billion dollars, any international contributions made to the fund. The Trust Fund would then use those funds to make loans to assist in the reconstruction of Iraq's infrastructure and essential services, the creation of civil society, and the establishment of a secure environment. A 6-member Board of Trustees would govern the Trust Fund and would be composed of one U.S. representative and representatives of each of the five countries that provide the highest amount of money. When the Board of Trustees decided to terminate the "Iraq Reconstruction Fund," the money would be returned to the donor nations.
Whatever is not obligated as matching funds will be given to the Coalition Provisional Authority for its use as loans.