To create a select committee to investigate the awarding and carrying out of contracts to conduct activities in Afghanistan and Iraq and to fight the war on terrorism.

Creates a select committee in the House of Representatives to investigate the awarding and carrying out of Government contracts to conduct activities in Afghanistan and Iraq and to fight the war on terrorism. Directs the committee to make recommendations regarding: (1) bidding, contracting, and auditing standards; (2) oversight procedures; (3) forms of payment and safeguards against money laundering; (4) accountability of contractors and Government procurement officials; and (5) penalties for violations and abuses.