The commission found that of the $206 billion spent on private contractors in Iraq and Afghanistan, between $31 billion and $60 billion was lost to waste and fraud.

Tierney's bill, H.R. 2880, would create a special inspector general charged with providing "objective supervision" of audits, promoting efficiency and preventing and detecting fraud related to contracting. The IG would also be tasked with accounting oversight, monitoring and reviewing operations and contracts, and investigating overpayments made in relation to Iraq and Afghanistan operations.

More broadly, the IG would have to "provide for an independent and objective means of keeping the secretary of State, the secretary of Defense and the administrator of the United States Agency for International Development fully and currently informed about problems and deficiencies relating to the administration of such programs and operations and the necessity for and progress on corrective action."

The IG would be nominated by the president and confirmed by the Senate.

Among the co-sponsors of the bill are war critics Dennis Kucinich (D-Ohio) and Lynn Woolsey (D-Calif.).