Definition: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Support for Iraq Oil Trust Act of
2008''.

SEC. 2. STATEMENT OF POLICY.

It is the policy of the United States that--
(1) the people of Iraq should benefit directly from a share
of the revenues generated by the hydrocarbon resources of their
country; and
(2) the United States Government should present a plan and
provide capacity and economic assistance for the implementation
of an Iraq oil trust.

SEC. 3. SENSE OF CONGRESS.

It is the sense of Congress that--
(1) the future of Iraq's oil reserves remains at the heart
of political reconciliation in Iraq;
(2) ensuring that individual Iraqis benefit directly from
hydrocarbon revenues is critical to promoting reconciliation
and facilitating sustainable stability in Iraq;
(3) the development and implementation of an oil trust
could provide significant benefits to Iraq and its citizens,
including by--
(A) helping to demonstrate the values at the heart
of democratic governance by giving Iraqi citizens a
direct stake in the responsible and transparent
management of the hydrocarbon resources of Iraq and the
use and distribution of hydrocarbon revenues;
(B) helping to diffuse the degree and concentration
of control of the revenues generated from hydrocarbon
resources, thereby reducing the opportunity for and
magnitude of corruption;
(C) facilitating ''bottom-up'' private sector
development, which will be critical to Iraq's future
prosperity and economic diversity, by putting revenues
from the oil resources of Iraq directly in the hands of
its citizens;
(D) helping to alleviate the incentive for
smuggling or sabotage by providing individual citizens
a direct stake in the amount of Iraqi oil that is
legally produced and sold;
(E) contributing to sustainable security by
providing individuals monetary-resource alternatives to
cooperating with militias, extremists, and other extra-
legal entities;
(F) providing additional income directly to
individual citizens, thereby stimulating
entrepreneurship and reducing the reliance on the
ability of the central and provincial governments to
deliver basic services and execute their budgets; and
(G) serving as a model for revenue distribution to
other resource-rich countries in the Middle East; and
(4) the United States should provide assistance to Iraq for
implementation of an oil trust.

SEC. 4. UNITED STATES ASSISTANCE TO IRAQ.

(a) Purpose.--The purpose of this section is to stipulate
limitations on United States assistance to Iraq for reconstruction
purposes.
(b) Limitation.--
(1) In general.--Unless the Secretary of State submits to
the appropriate congressional committees the certification
described in subsection (c) within 90 days after the date of
the enactment of this Act, 10 percent of United States
assistance described in paragraph (4) that is otherwise
available to Iraq through the Economic Support Fund shall be
withheld.
(2) Additional withholding of funds.--An additional 10
percent of United States assistance described in paragraph (4)
that is otherwise available to Iraq through the Economic
Support Fund shall be withheld for each additional 30 days
after funds are withheld under paragraph (1) until the
Secretary of State makes the certification described in
subsection (c).
(3) Release of withheld funds.--Any funds withheld under
paragraphs (1) and (2) shall be made available upon submission
by the Secretary of State of the certification described in
subsection (c).
(4) Covered assistance.--The assistance referred to in
paragraphs (1) and (2) are the following funds:
(A) Provincial Reconstruction Development Council
Funds.
(B) Operations and Maintenance Sustainment.
(C) Targeted Development Program.
(c) Certification.--The certification referred to in subsection (b)
is a certification submitted by the Secretary of State to the
appropriate congressional committees that--
(1) certifies that representatives of the United States
Government have presented to Government of Iraq representatives
an oil trust plan that includes--
(A) background on oil trusts, including those
currently used by sovereign nations or territories and
states within nations; and
(B) options for different types of oil trusts that
could be implemented in Iraq; and
(2) includes a discussion on the steps necessary to
implement an oil trust.

SEC. 5. APPROPRIATE CONGRESSIONAL COMMITTEES DEFINED.

In this Act, the term ''appropriate congressional committees''
means--
(a) the Committee on Armed Services, the Committee on Foreign
Relations, and the Committee on Appropriations of the Senate; and
(b) the Committee on Armed Services, the Committee on Foreign
Affairs, and the Committee on Appropriations of the House of
Representatives.
Output:
Support for Iraq Oil Trust Act of 2008 - Withholds specified percentages of Economic Support Fund assistance for Iraq unless the Secretary of State certifies within specified time periods to the appropriate congressional committees that U.S. government representatives have presented an oil trust plan to Iraqi government representatives.