Declares the sense of the House of Representatives that: (1) the Iraqi Reconstruction Coordinator should be an Undersecretary of State accountable for all reconstruction funding in Iraq; (2) twenty percent of the emergency supplemental appropriations should be made immediately available to the Coalition Provisional Authority; (3) such amount should be contingent upon a presentation to Congress by the Administration and the Authority consistent with a plan proposed by the President to restore freedom, self-rule, and democracy in Iraq; (4) the expenditure of funds for Iraq reconstruction should be obligated to the maximum extent possible in Iraq to promote its redevelopment, with steps taken to ensure transparency in contracting to prevent profiteering; (5) local procurement and management in Iraq should be encouraged wherever feasible, including through prime contracting as it can be developed; and (6) the Secretary of State should work with the governments of other countries to establish an Iraqi Reconstruction Council consisting of all major donor countries, all neighboring countries, and the Iraqi Governing Council, with the mandate to set donor priorities and foster regional economic cooperation.