text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Social Investment and Economic 
  Development Fund for the Americas Act of 2003''.
  
  SEC. 2. FINDINGS; STATEMENT OF POLICY.
  
      (a) Findings.--Congress finds the following:
              (1) The historic economic, political, cultural, and 
          geographic relationships among the countries of the Western 
          Hemisphere are unique and of continuing special significance to 
          the United States.
              (2) The interests of the countries of the Western 
          Hemisphere are more interrelated today than ever before. 
          Consequently, sound economic, social, and democratic progress 
          in each of the countries continues to benefit other countries, 
          and lack of it in any country may have serious repercussions in 
          others.
              (3) Following the historic Summits of the Americas--the 
          1994 Summit in Miami, the 1998 Summit in Santiago, Chile, and 
          the 2001 Summit in Quebec City, Canada--the heads of state of 
          the countries of the Western Hemisphere accepted the formidable 
          challenge of economic and social integration in and between 
          their respective countries.
              (4) To make progress toward economic and social 
          integration, there is a compelling need to focus on the social 
          development of the people of the Americas which, in turn, will 
          promote the economic and political development of the region.
              (5) Investment in social development in the Americas, 
          including investment in human and social capital, specifically 
          in education, health, housing, and labor markets with the goal 
          of combating social exclusion and social ills, will consolidate 
          political democracy and the rule of law and promote regional 
          economic integration and trade in the region.
              (6) The challenge of achieving economic integration between 
          one of the world's most developed economies and some of the 
          poorest and most vulnerable countries requires a special effort 
          to promote social equality, develop skills, and modernize the 
          infrastructure in poorer countries that will enable the people 
          of these countries to maximize the amount of benefits accrued 
          from economic integration.
              (7) The particular challenge facing social and economic 
          development in Latin America is the historic and persistent 
          highly unequal distribution of wealth. Latin America suffers 
          from the most unequal distribution of wealth in the world with 
          huge inequities in the distribution of assets including 
          education, land, and credit.
              (8) Latin America also confronts the challenge of an 
          increasing number of poor people. As of today, approximately 
          one-third of the population lives in poverty and increasing 
          numbers live in extreme poverty. Poverty exists in all Latin 
          American countries but 70 percent of the region's poor live in 
          the five largest middle-income countries.
              (9) Marginalized groups, including indigenous populations, 
          people of African descent, women, people with disabilities, and 
          rural populations, are socially excluded and suffer from 
          poverty, stigma, and discrimination.
              (10) Democratic values are dominant throughout the 
          Americas, and nearly all governments in the region have come to 
          power through democratic elections.
              (11) Nonetheless, existing democratic governments and their 
          constituent institutions remain fragile and face critical 
          challenges including effective democratic civilian authority 
          over these institutions, including the military, the 
          consolidation or establishment of independent judicial 
          institutions and the rule of law, and the elimination of 
          corruption.
              (12) The prosperity, security, and well-being of the United 
          States is linked directly to peace, prosperity, and democracy 
          in the Americas. The entire region benefits by reducing 
          poverty, strengthening the middle class, and promoting the rule 
          of law which will also increase markets for United States goods 
          and create a better environment for regional investment by 
          United States businesses.
              (13) Section 101 of the Foreign Assistance Act of 1961 (22 
          U.S.C. 2151) establishes as a principal objective of United 
          States foreign assistance the ``encouragement and sustained 
          support of the people of developing countries in their efforts 
          to acquire the knowledge and resources essential to development 
          and to build the economic, political, and social institutions 
          which will improve the quality of their lives''.
              (14) It is in the national interests of the United States 
          to assist developing countries in the Western Hemisphere as 
          they implement the economic and political policies which are 
          necessary to achieve equitable economic growth.
              (15) The Summit of the Americas has directly charged the 
          multilateral institutions of the Americas, including the 
          Organization of American States (OAS), the Inter-American 
          Development Bank (IADB), and the new Inter-American Agency for 
          Cooperation and Development with mobilizing private-public 
          sector partnerships among industry and civil society to help 
          achieve equitable development objectives.
              (16) By supporting the purposes and objectives of 
          development and applying such purposes and objectives to the 
          Americas, a Social Investment and Economic Development Fund for 
          the Americas can advance the national interests of the United 
          States and can directly improve the lives of the poor and 
          marginalized groups, encourage broad-based economic growth 
          while protecting the environment, build human capital and 
          knowledge, support meaningful participation in democracy, and 
          promote peace and justice in the Americas.
      (b) Statement of Policy.--It is, therefore, the policy of the 
  United States--
              (1) to promote market-based principles, economic 
          integration, social development, and trade in and between 
          countries of the Americas by--
                      (A) nurturing public-private partnerships and 
                  microenterprise development;
                      (B) improving the quality of life and investing in 
                  human capital, specifically targeting education, health 
                  and disease prevention, and housing;
                      (C) strengthening the rule of law through improved 
                  efficiency and transparency in government services; and
                      (D) reducing poverty and eliminating the exclusion 
                  of marginalized populations, including people of 
                  African descent, indigenous groups, women, and people 
                  with disabilities; and
              (2) to establish an investment fund for the Western 
          Hemisphere to advance the national interests of the United 
          States, directly improve the lives of the poor and 
          marginalized, encourage broad-based economic growth while 
          protecting the environment, build human capital and knowledge, 
          support meaningful participation in democratic institutions and 
          processes, and promote peace and justice in the Americas.
  
  SEC. 3. AMENDMENT TO FOREIGN ASSISTANCE ACT OF 1961.
  
      Part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2151 et 
  seq.) is amended by adding at the end the following:
  
   ``CHAPTER 13--SOCIAL INVESTMENT AND ECONOMIC DEVELOPMENT FUND FOR THE 
                                  AMERICAS
  
  ``SEC. 499H. AUTHORIZATION OF ASSISTANCE.
  
      ``(a) In General.--The President, acting through the Administrator 
  of the United States Agency for International Development, shall 
  provide assistance to reduce poverty and foster increased economic 
  opportunity in the countries of the Western Hemisphere by--
              ``(1) nurturing public-private partnerships and 
          microenterprise development;
              ``(2) improving the quality of life and investing in human 
          capital, specifically targeting education, health and disease 
          prevention, and housing;
              ``(3) strengthening the rule of law through improved 
          efficiency and transparency in government services; and
              ``(4) reducing poverty and eliminating the exclusion of 
          marginalized populations, including people of African descent, 
          indigenous groups, women, and people with disabilities.
      ``(b) Terms and Conditions.--Assistance under this chapter may be 
  provided on such other terms and conditions as the President may 
  determine.
  
  ``SEC. 499I. TECHNICAL REVIEW COMMITTEE.
  
      ``(a) In General.--There is established within the United States 
  Agency for International Development a technical review committee.
      ``(b) Membership.--The President, by and with the advice and 
  consent of the Senate, shall appoint to serve on the technical review 
  committee--
              ``(1) individuals with technical expertise with respect to 
          the development of Latin America and the Caribbean; and
              ``(2) citizens of the United States with technical 
          expertise with respect to development projects and business 
          experience.
  Technical expertise shall be the sole criterion in making appointments 
  to the technical review committee.
      ``(c) Duties.--The technical review committee shall review all 
  projects proposed for funding using assistance provided under section 
  499H(a), and make recommendations to the President with respect to the 
  guidelines to be used in evaluating project proposals and the 
  suitability of the proposed projects for funding.
      ``(d) Conflicts of Interest.--A member of the technical review 
  committee shall not be permitted to review an application submitted by 
  an organization with which the member has been or is affiliated.
  
  ``SEC. 499J. REPORT.
  
      ``The President shall prepare and transmit to the Committee on 
  International Relations of the House of Representatives, the Committee 
  on Foreign Relations of the Senate, and other appropriate congressional 
  committees an annual report on the specific programs, projects, and 
  activities carried out under this chapter during the preceding year, 
  including an evaluation of the results of such programs, projects, and 
  activities.
  
  ``SEC. 499K. AUTHORIZATION OF APPROPRIATIONS.
  
      ``(a) In General.--There are authorized to be appropriated to carry 
  out this chapter $250,000,000 for each of the fiscal years 2005 through 
  2009.
      ``(b) Additional Authorities.--Amounts appropriated pursuant to 
  subsection (a)--
              ``(1) may be referred to as the `United States Social 
          Investment and Economic Development Fund for the Americas';
              ``(2) are authorized to remain available until expended; 
          and
              ``(3) are in addition to amounts otherwise available for 
          such purposes.
      ``(c) Funding Limitation.--Not more than 7 percent of the amounts 
  appropriated pursuant to subsection (a) for a fiscal year may be used 
  for administrative expenses.''.
  
  SEC. 4. AMENDMENT TO THE INTER-AMERICAN DEVELOPMENT BANK ACT.
  
      The Inter-American Development Bank Act (22 U.S.C. 283--283z-10) is 
  amended by adding at the end the following:
  
  ``SEC. 39. SOCIAL INVESTMENT AND ECONOMIC DEVELOPMENT FUND FOR THE 
                AMERICAS.
  
      ``(a) In General.--The Secretary of the Treasury shall instruct the 
  United States Executive Director at the Bank to use the voice, vote, 
  and influence of the United States to urge the Bank to establish an 
  account to be known as the `Social Investment and Economic Development 
  Fund for the Americas' (in this section referred to as the `Fund'), 
  which is to be operated and administered by the Board of Executive 
  Directors of the Bank consistent with subsection (b). The United States 
  Governor of the Bank may vote for a resolution transmitted by the Board 
  of Executive Directors which provides for the establishment of such an 
  account, and the operation and administration of the account consistent 
  with subsection (b).
      ``(b) Governing Rules.--
              ``(1) Use of funds.--The Fund shall be used to provide 
          assistance to reduce poverty and foster increased economic 
          opportunity in the countries of the Western Hemisphere by--
                      ``(A) nurturing public-private partnerships and 
                  microenterprise development;
                      ``(B) improving the quality of life and investing 
                  in human capital, specifically targeting education, 
                  health and disease prevention, and housing;
                      ``(C) strengthening the rule of law through 
                  improved efficiency and transparency in government 
                  services; and
                      ``(D) reducing poverty and eliminating the 
                  exclusion of marginalized populations, including people 
                  of African descent, indigenous groups, women, and 
                  people with disabilities.
              ``(2) Application for funding through a competitive 
          process.--Any interested person or organization may submit an 
          application for funding by the Fund.
              ``(3) Technical review committee.--
                      ``(A) In general.--The Fund shall have a technical 
                  review committee.
                      ``(B) Membership.--The Board of Executive Directors 
                  of the Bank shall appoint to serve on the technical 
                  review committee--
                              ``(i) individuals with technical expertise 
                          with respect to the development of Latin 
                          America and the Caribbean; and
                              ``(ii) citizens of the United States with 
                          technical expertise with respect to development 
                          projects and business experience.
                  Technical expertise shall be the sole criterion (other 
                  than citizenship pursuant to clause (ii)) in making 
                  appointments to the technical review committee.
                      ``(C) Duties.--The technical review committee shall 
                  review all projects proposed for funding by the Fund, 
                  and make recommendations to the Board of Executive 
                  Directors of the Bank with respect to the guidelines to 
                  be used in evaluating project proposals and the 
                  suitability of the proposed projects for funding.
                      ``(D) Conflicts of interest.--A member of the 
                  technical review committee shall not be permitted to 
                  review an application submitted by an organization with 
                  which the member has been or is affiliated.
              ``(4) Review of proposed projects.--Not more frequently 
          than annually, the Board of Executive Directors of the Bank 
          shall review and make decisions on applications for projects to 
          be funded by the Fund, in accordance with procedures which 
          provide for transparency. The Board of Executive Directors 
          shall provide advance notice to all interested parties of any 
          date on which such a review will be conducted.
      ``(c) Contribution Authority.--To the extent and in the amounts 
  provided in advance in appropriations Acts, the United States Governor 
  of the Bank may contribute to the Fund $1,250,000,000.
      ``(d) Limitations on Authorization of Appropriations.--
              ``(1) In general.--For the contribution authorized by 
          subsection (c), there are authorized to be appropriated for 
          payment to the Secretary of the Treasury $250,000,000 for each 
          fiscal year beginning with the fiscal year in which the 
          resolution described in subsection (a) is adopted.
              ``(2) Additional authorities.--Amounts appropriated 
          pursuant to paragraph (1)--
                      ``(A) are authorized to remain available until 
                  expended; and
                      ``(B) are in addition to amounts otherwise 
                  available for such purposes.
              ``(3) Funding limitation.--Not more than 7 percent of the 
          amounts appropriated pursuant to paragraph (1) for a fiscal 
          year may be used for administrative expenses.''.
  
  SEC. 5. SENSE OF CONGRESS.
  
      It is the sense of Congress that the countries of the Western 
  Hemisphere should collectively provide assistance equal to the amount 
  of United States bilateral assistance provided under chapter 13 of part 
  I of the Foreign Assistance Act of 1961 (as added by section 3(a) of 
  this Act) and multilateral assistance provided by the Social Investment 
  and Economic Development Fund for the Americas under section 39 of the 
  Inter-American Development Bank Act (as added by section 4 of this Act) 
  for the same purpose for which such assistance was provided.
target: Social Investment and Economic Development Fund for the Americas Act of 2003 - Sets forth the policy of the United States to: (1) promote market-based principles, economic integration, social development, and trade in and between countries of the Americas; and (2) establish an investment fund for the Western Hemisphere to advance the national interests of the United States, improve the lives of the poor and marginalized, encourage broad-based economic growth while protecting the environment, build human capital and knowledge, support meaningful participation in democratic institutions and processes, and promote peace and justice in the Americas.
  
  Amends the Foreign Assistance Act of 1961 to require the President to provide assistance to reduce poverty and foster increased economic opportunity in the countries of the Western Hemisphere by: (1) nurturing public-private partnerships and microenterprise development; (2) improving the quality of life and investing in human capital; (3) strengthening the rule of law through improved efficiency and transparency in government services; and (4) reducing poverty and eliminating the exclusion of marginalized populations. Establishes a technical review committee to review the projects proposed for assistance and to make recommendations to the President with respect to the guidelines to be used in evaluating project proposals and the suitability of the proposed projects for funding.
  
  Amends the Inter-American Development Bank Act to require the Secretary of the Treasury to instruct the U.S. Executive Director at the Bank to urge the Bank to establish an account to be operated and administered consistent with the above guidelines. Establishes a technical review committee in the same manner as discussed above.
  
  Expresses the sense of Congress that the countries of the Western Hemisphere should collectively provide assistance equal to the amount of U.S. bilateral and multilateral assistance provided.
feat_title: To authorize the establishment of a Social Investment and Economic Development Fund for the Americas to provide assistance to reduce poverty and foster increased economic opportunity in the countries of the Western Hemisphere, and for other purposes.