A resolution establishing a special committee of the Senate to investigate the awarding and carrying out of contracts to conduct activities in Afghanistan and Iraq and to fight the war on terrorism.

Establishes the Special Committee on War and Reconstruction Contracting in the Senate to: (1) investigate the awarding and performance of contracts for military, security, and reconstruction activities in Afghanistan and Iraq; and (2) support the prosecution of the war on terrorism.

Requires the Committee to examine such contracting actions and report on them regarding: (1) bidding, contracting, accounting, and auditing standards for Federal Government contracts; (2) methods of contracting, including sole-source contracts and limited competition or noncompetitive ones; (3) subcontracting under large, comprehensive contracts; (4) oversight procedures; (5) consequences of cost-plus and fixed price contracting; (6) allegations of wasteful and fraudulent practices; (7) accountability of contractors and Government officials involved in procurement and contracting; (8) penalties for violations of law and abuses in the awarding and performance of Government contracts; and (9) lessons learned from the contracting process used in Iraq and Afghanistan and in connection with the war on terrorism with respect to the structure, coordination, management policies, and Federal procedures.