Arlen Specter: “Roman numeral I is the clause which recognizes the United States and the United Kingdom as the authority. Roman numeral…”

“Roman numeral I is the clause which recognizes the United States and the United Kingdom as the authority. Roman numeral II establishes the Development Fund for Iraq, including establishing the International Advisory and Monitoring Board to audit in the Development Fund. Roman numeral III from the U.N. resolution gives the authority and power to disburse the funds in the Development Fund for Iraq. Roman numeral IV establishes that the Development Fund for Iraq must be used, among other things, for the economic reconstruction and repair of Iraq's infrastructure. Roman numeral V mandates that 95 percent of the proceeds received from export sales of petroleum, petroleum products, and natural gas must be deposited into the Development Fund for Iraq until an Iraqi government is properly constituted. The other 5 percent is to be deposited into the Compensation Fund, which was set up, per U.N. Resolution 687 in 1991, to compensate those who suffered losses or damages as a result of Iraq's invasion and occupation of Kuwait. In effect, this Security Council resolution anticipates the precise issue which the Congress is now facing. It is necessary to have these funds for the rebuilding of Iraq, but there is no good reason it ought to be a grant or a gift. When Iraq has the resources--the oil--to pay for the reconstruction of Iraq and to take care of the rebuilding of Iraq; and with the authority of the U.N.…”