Somalia Comprehensive Peace and Economic Recovery Act of 2005 - Expresses the sense of Congress that: (1) the United States should assist the people of Somalia to establish a democratic government that is committed and able to fight terrorism and extremism; (2) the United States should provide training and support to the Transitional National Government of Somalia to fight terrorism and extremism; (3) strengthening civil society and grassroots efforts in Somalia will deny terrorist and extremists groups a fertile recruitment ground; and (4) Somaliland's political future should be resolved through negotiations between the government of Somaliland and the Transitional National Government of Somalia.
Declares that war crimes and crimes against humanity have been committed against innocent civilians by warlords in many parts of Somalia, and that the responsible individuals should be held accountable for their actions.
Authorizes the President to seek the establishment of an international commission of inquiry to investigate war crimes, crimes against humanity, and other violations of human rights and international humanitarian law in Somalia.
Authorizes the President to: (1) support efforts to peacefully resolve the Somalia conflict, as well as to establish a representative form of government in Somalia; and (2) encourage Inter-Governmental Authority for Development (IGAD) mediators to insist on broader participation in the new government of Somalia. Authorizes appropriations for such purposes.
Expresses the sense of Congress in support of multilateral efforts to support peace and democracy in Somalia.
Directs the President to impose sanctions (visa denial, freezing of assets, withholding of non-humanitarian assistance) if the Transitional National Government of Somalia or any regional authority in Somalia: (1) is not honoring or implementing the peace agreement; (2) is not cooperating in counterterrorism efforts; (3) is not respecting basic human rights and the rule of law; or (4) is engaged in unnecessary conflicts inside Somalia or with its neighbors. Authorizes the President to waive such sanctions for national security purposes.
Authorizes the President to provide assistance for local efforts to promote human rights, the rule of law, and democracy in Somalia. Authorizes appropriations for such purposes.