Political Quotes

“The amendment provides that: The President shall direct the head of the Coalition Provisional Authority in Iraq, in coordination with the Governing Council of Iraq or a successor governing authority in Iraq, to establish an Iraq Reconstruction Finance Authority. The purpose of the Authority shall be to obtain financing for the reconstruction of the infrastructure in Iraq by collateralizing the revenue from future sales of oil extracted in Iraq. The Authority shall obtain financing for the reconstruction of the infrastructure in Iraq through (1)(A) issuing securities or other financial instruments; or (B) obtaining loans on the open market from private banks or international financial institutions; and (2) to the maximum extent possible, securitizing or collateralizing such securities, instruments, or loans with the revenue from the future sales of oil extracted in Iraq. My personal impression from the reading of this amendment is that the $21 billion that is struck from the bill by this provision--because the amendment begins by striking that $21 billion and substituting this provision that I just read. My impression is that this is smoke and mirrors, pure and simple.”