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Congressional Record—Senate S12599 October 15, 2003 CONGRESSIONAL RECORD — SENATE S12599 The amendment is as follows: Conservative estimates say Iraq has hearing. Individuals or organizations who (Purpose: To promote the establishment of 112 billion barrels of oil in its reserve, have timely submitted comments during the an Iraq Reconstruction Finance Authority with possibly the same amount undis- comment period which ends on October 20, and the use of Iraqi oil revenues to pay for covered. Conservative estimates say 2003, and who wish to make an oral presen- reconstruction in Iraq) tation at the hearing, must submit a written Iraq will generate $28 billion in oil rev- request to William W. Thompson II, Execu- On page 38, between lines 20 and 21, insert enues in 2004, 3.5 million barrels at $22 tive Director, Office of Compliance, 110 2nd the following new section: a barrel. Oil closed at $32 a barrel last Street, SE., Washington, DC on or before SEC. 2313. (a) The President shall direct the head of the Coalition Provisional Authority night. Iraq is capable of generating bil- Friday, November 14, 2003. Oral presen- in Iraq, in coordination with the Governing lions in revenue each year so that Iraq tations are limited to 20 minutes per com- Council of Iraq or a successor governing au- can be a partner with the United menter, unless extended by the Board. We request that this Notice of Hearing be thority in Iraq, to establish an Iraq Recon- States and the international commu- struction Finance Authority. The purpose of published in the Congressional Record. Any nity in its own reconstruction. inquiries regarding this Notice should be ad- the Iraq Reconstruction Finance Authority What worked in the Marshall plan shall be to obtain financing for the recon- dressed to the Office of Compliance at the struction of the infrastructure in Iraq by should work in Iraq’s reconstruction. above address, or by telephone: 202–724–9250, collateralizing the revenue from future sales Germany’s vast coal resources were TTY 202–426–1665. of oil extracted in Iraq. The Iraq Reconstruc- pledged to secure the matching re- Sincerely, tion Finance Authority shall obtain financ- quirements of the U.S. Government SUSAN S. ROBFOGEL, ing for the reconstruction of the infrastruc- contained in the Marshall plan. Chair. ture in Iraq through— The PRESIDING OFFICER. The Sen- f (1)(A) issuing securities or other financial ator from Montana. instruments; or REMEMBERING KENTUCKY (B) obtaining loans on the open market Mr. BURNS. Mr. President, I ask GOVERNOR NED BREATHITT from private banks or international finan- unanimous consent that the pending Mr. BUNNING. Mr. President, the cial institutions; and amendment be set aside. Commonwealth of Kentucky lost one of (2) to the maximum extent possible, The PRESIDING OFFICER. Is there its greatest statesman on October 14, securitizing or collateralizing such securi- objection? Without objection, it is so 2003. Former Gov. Ned Breathitt left us ties, instruments, or loans with the revenue ordered. from the future sales of oil extracted in Iraq. last night and is on his way to a better (b) It is the policy of the United States f place. that payment of the cost of reconstruction MORNING BUSINESS Governor Breathitt left a great im- in Iraq, other than payment made with funds print on Kentucky’s history and his made available in this title under the sub- Mr. BURNS. Mr. President, I ask bloodline ran deep in Kentucky’s herit- heading ‘‘IRAQ RELIEF AND RECONSTRUCTION unanimous consent that the Senate age. There is even a Breathitt County FUND’’ under the heading ‘‘OTHER BILAT- proceed to a period for morning busi- which is named after his distant uncle ERAL ECONOMIC ASSISTANCE FUNDS ness with Senators permitted to speak who was also a Governor of Kentucky. APPROPRIATED TO THE PRESIDENT’’ or for up to 10 minutes each. Kentuckians elected Ned Breathitt as made available by a foreign country or an The PRESIDING OFFICER. Without appropriate international organization, their Governor in 1963. He served until should be the responsibility of the Iraq Re- objection, it is so ordered. 1967 with great leadership and accom- construction Finance Authority. f plishment. The 1960s were somewhat Ms. LANDRIEU. Mr. President, the NOTICE OF PROPOSED RULE- and sometimes tumultuous for the amendment establishes the Iraq Recon- MAKING—OFFICE OF COMPLI- South. Governor Breathitt’s progres- struction Finance Authority. The ANCE sive politics and compassion for all en- amendment states the United States abled him to be one of the true civil will not commit further grants toward Mr. STEVENS. Mr. President, I ask rights leaders in Kentucky. With con- Iraq’s reconstruction beyond the $20.3 unanimous consent the attached state- viction and purpose, he fought racial billion requested by the President. Any ment I send to the desk from the Office discrimination and ushered in a lasting further monetary commitments by the of Compliance be printed in the RECORD equality for Kentuckians. United States should be secured today pursuant to section 303(b) of the Governor Breathitt also worked tire- through the Iraq Reconstruction Fi- Congressional Accountability Act of lessly to help improve our schools and nance Authority using Iraq’s revenues 1995, 2 U.S.C. 1383(b). education system in Kentucky. He from oil production. This amendment There being no objection, the mate- truly believed that Kentucky’s pride does not cut the $20.3 billion requested rial was ordered to be printed in the and best assets were its citizens. This by President Bush. RECORD, as follows: led him to create and implement the There can be no doubt that America U.S. CONGRESS, community college system under the must participate in Iraq’s reconstruc- OFFICE OF COMPLIANCE, University of Kentucky, and to this tion. However, direct grants are not Washington, DC, October 15, 2003. day it is one of the best systems the only means of providing recon- Hon. TED STEVENS, around. Besides wanting to ensure Ken- President pro tempore, U.S. Senate, tuckians a strong education, he also struction dollars. Washington, DC. was deeply concerned about their RAND reports that U.S. post-war re- DEAR MR. PRESIDENT: A Notice of Proposed construction efforts in seven conflicts Rulemaking (NPR) for proposed amendments health and environment. This led him since World War II have averaged 7 to the Procedural Rules of the Office of Com- to help strengthen our conversation years in duration. We must develop a pliance was published in The Congressional and environmental laws, and ensuring sustainable means of financing Iraq’s Record dated September 4, 2003. The period that our pristine treasures and waters reconstruction. The American people for submission of comments announced in were protected and preserved for gen- will not support giving money to Iraq that NPR ended on October 6, 2003. erations to come. for 7 years when Iraq possesses well A Notice of Proposed Rulemaking—Exten- But aside from him being my Gov- over 112 billion barrels of oil, valued at sion of Period for Comment was published in ernor, he was also my friend. Whan I The Congressional Record dated October 2, least $2.5 trillion at $22 a barrel, that 2003. That Notice extended the period for first arrived in Congress in 1987, Ned could be used to finance Iraq’s recon- submission of comments announced in the and his wife Lucy were living in Wash- struction. RAND and the World Bank NPR to and including October 20, 2003. ington, DC. They welcomed my wife report Iraq’s reconstruction will cost The Board of Directors of the Office of Mary and me with open arms. We were at least another $36 billion. The Insti- Compliance will hold a hearing regarding the newcomers to the area and Ned and tute of International Finance says the comments which have been submitted during Lucy had moved out a few years before price tag will hit $75 billion. Ambas- the comment period. The hearing will be we did. We became good friends. We sador Bremer testified before the Ap- open to the public. The hearing will take played bridge together, dined out and place on Tuesday, December 2, 2003, at 10 propriations Committee that the ad- a.m. in room SD–342 of the Dirksen Office socialized together. We all laughed a ministration will ask for little or no Building. Individuals or organizations who lot. Mary and I enjoyed their company money next year for Iraq’s reconstruc- have submitted written comments during so much. tion, yet non-partisan studies indicate the comment period may supplement those Our prayers and thoughts go out to more funding will be necessary. comments by an oral presentation at the Lucy and her family. We all know it is VerDate jul 14 2003 02:56 Oct 16, 2003 Jkt 019060 PO 00000 Frm 00035 Fmt 0624 Sfmt 0634 E:\CR\FM\G15OC6.093 S15PT1.
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